I think both of you are correct here my take is that the scene has double meaning.
The 'chihayafuru' was not spinning top itself but the 'motion' of the spinning top which Kana did made a reference to way back.
At same time, the kanji used for "chihaya"does literally means "thousand speed" and "furu" would be vibration. But that is contangent on Arata is similar to the way a spinning top is, looks still (calm) but is acutally storing all his energey at one point (goal) and will act accordingly.
BTW, in chapter 90, it wasn't Chihaya who refer Arata's approach as "chihayafuru" it was Nishida.
and here is the raw for 91 and on 2nd page it states the the Kanji used.
http://tieba.baidu.com/p/1490703614