As its a Sunday, I have decided I'm going to try to do Milta, Tlacolula Market, Yagul Ruins, and Teotitlan del Valle all in one day.
You can do this if you move along and I think it is worth it. When in Mitla and Teotitlan note how the churches were built on top of indigenous structures, it is quite amazing. Great view from Yagul.
Couple of comments on your other itinerary. You can do Monte Alban well in a half day. Buses depart direct from Calle Mina from Hotel Riviera Angel. I don't know if Arrazola is worth it anymore or not. I see less and less in the wood carving villages as buyers buy up the alebrejes or they are sold in Oaxaca City. A nice route after Monte Alban would be ex convento at Cuilapan, on to Zachilla, look at the tombs and check out the town, then over to Coyotepec. It is roughly a loop from Oaxaca City. This can easily be down with taxis, or colectivos.
Or if you really like Monte Alban you might be interested in the new section that opened a couple of years ago over by Atzompa. I really like it. Whatever you do you should have fun. I have a trip coming up shortly to OAX as well and am looking forward to being back in town.