Oh - difference between a warmer and a compression sleeve. I can't imagine needing a compression sleeve arm warmer - you could use them as such, but ...... why? Certainly not for running/biking.
For your legs, given that I LOVE LOVE LOVE my CWX tights/shorts for running, I could see a compression sleeve used as a leg warmer for running or cycling, but in that case, I'd just use my running or cycling tights.
One huge downside to using a compression sleeve would be you can't possibly take them off while you are riding (thinking of cycling here) - they are TIGHT and take some work to get off. I can just roll my arm warmers off while I'm riding very easily - I don't have to stop.