We've been having that discussion in our wrestling room, too. It used to be a common move to combine an arm lever with a figure 4 of the head, but apparently you can't do that anymore. When did that rule change?
In my opinion, we should bring this move back. After 30 years of wrestling and coaching the number of injuries I've personally seen from this move is so small I don't understand why they made it illegal. If done incorrectly it was one of the easiest moves for a ref to stop before a kid was hurt. I've seen many many more hurt from a head lock.