No, "He should arrive by now" is just as meaningless. He either has arrived or he hasn't.
To save further bother, I doubt whether you can come up with two sentences, one with 'should' and the other with 'should have' that are interchangeable.
I'm not used to using "Should have" in Present time. I hope it won't be a mistake to say "Should".
I guarantee you that if you use "should" instead of "should have" (or the other way around) you will get sentences that have two entirely different meanings.
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Should arrive = Future.
Should have arrived = Past & Present.
Is this what you meant?
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