All we know about this pub is a single newspaper report:

To be lett, a very good Publick House, known by the name of the Carpenters Arms in Great Briset, with a new Malting Office and an Acre and a half of Land, all Freehold. Enquire of Mr William Hammond of Halsted or Mr William Grimwood of Whatfield.Ipswich Journal, October 31st 1730***

Although this sounds like an earlier name for the Red Lion, that building only dates from about the early part of the 17th century, so the Carpenters' Arms seems to pre-date it.