Translation of this whole verse is a little problematic, as the aramaic ara appears as a noun both here in the middle of the verse and again at the end, again v29 from the NASB:
"After you there will arise another kingdom inferior (ara) to you, then another third kingdom of bronze, which will rule over all the earth (ara)."
Given the double usage of this word so close together, an argument could be made for the context confirming a pun, or else disproving it entirely:
Consistent usage - argument against a paranomasia
Ara appears no less than seventeen times in Daniel, and every single time in the clear context of 'earth/land'... except this one. So whatever translation we make of it, we need to justify why we are or aren't aligning with the other sixteen uses. Using a consistent hermeneutic of the word in this verse, we should first try to use the word in the same sense in both places, as long as that fits reasonably.
However, a consistent usage doesn't fit this context naturally - it's fairly obvious that the second usage 'all the ara' fits perfectly with all other known usages of the word in Daniel, so it should definitely be 'earth/land'. But if we were to port that translation through to the first half of the verse, it would read closer to 'After you shall arise another kingdom, a kingdom from your land', but I'd feel sketchy making such a suggestion given the conformity of every single translation I've checked to your given usage.
Dual usage - argument for a paranomasia
However, I'd see the consistency and repetition of the word's usage as our ally here - because that would mean that this slightly stretched usage of ara in the first half of the verse is there precisely to match the latter half:
"After you there will arise another kingdom like ara to you, then another third kingdom of bronze, which will rule over all the ara."
I would say there is a definite pun here, but rather in reference to the kingdoms destroying one another than in reference to the statue. If the author is clearly using the same word in two senses in the same sentence, that confirms some form of paranomasia or word-play. It's possible there's even a triple entendre as you suggest in reference to the statue, but given the passage and other known usage of the word throughout Daniel, I wouldn't try to stretch the word quite that far.