No.
Doesn't pay to read things too literally - my guess would be that is for the final system. The Arch installer is (or was last I used it) ncurses based. Wouldn't need anything like that much.
As for swap, just pick a number - on a small system try 500 Meg if you can afford the (disk) space.
Anyway, just try it - if it fails, nothing lost but a bit of time, and you will have have learnt something.
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