No, Bob, Raziel requires the use of a "shift point" in the Spectral Realm in order to shift back into the Material Realm. He can shift into Spectral whenever and wherever he wants, but shifting out of the Spectral Realm requires a shift point.

So, he can essentially teleport, it's just that he'll always teleport to the same place.

Oh, and considering that time doesn't exist in the Spectral Realm, no, the arena could not shift while he was in Spectral. To his opponent, his shift to and from Spectral is instantaneous.