Now this is what fascinates me almost just as much.You have found that the Pine Bluff Telegraph Company Issued Script.I collect the Texas Script and have a few Arkansas items from the Confederate State Depository at Camden and Washington but have never seen anything from the Pine Bluff Telegraph Company.You might find the book,"Arkansas Notes and Script" by Matt Rothert and see if any are even listed.
As you suggest,understanding the importance of the Telegraph is vital to a complete understanding of military operations in Arkansas.Following those wires will certainly answer many interesting questions.
MWT