I will be executing the script with $ARGV[1] as the array name

Maybe I read this wrong, but are you attemping to use $ARGV[1] as the name of an array variable?
Because with use strict; you will get

$ gash.pl dummy jim
Global symbol "@arr1" requires explicit package name
[download]

Methinks you need eval for that, so, with trepidation:

use strict;
use warnings;

our @fred = qw(The quick brown camel);
our @jim  = qw(Fee Fie Foe Fum);

sub validate_tag
{
    my $arr1;
    my $cmd =  "\$arr1 = \\\@$ARGV[1]";
    eval $cmd;
    print "$arr1->[0]\n";
}

validate_tag();
# end of script

$ gash.pl dummy jim
Fee
[download]

With trepidation because there is (almost) always a better way of doing it than eval.