So the original question(s) becomes:
Does choosing the arcane bond item preclude you from getting a familiar thru another class or feat?
If so, do other bloodlines/feats allow a loophole (e.g. Serpentine bloodline)?
My understanding after reading the responses and re-reading the player guide is NO. There is no way to get a familiar and an arcane bonded item since both bloodlines (arcane and serpentine) grant a familiar treating the character like a wizard (arcane even specifically precludes getting both types). In addition, the witch familiar is treated like a wizard familiar.
Now this raises an interesting point -it appears possible to have multiple familiars (assume a multiclass wizard, serpentine bloodline sorcerer, arcane eldritch heritage, and witch) since the prohibition is on crossing from familiar to bonded item.
Note One thing about the multiple pets is that there is only one COMBAT pet allowed. It is assumed that the familiar does not really act like a combat pet (it is equal to a mundane pet).
