The open-iscsi package should be available in the repo shortly, pacman -Sy open-iscsi
Now, open-iscsi is just an initiator (client) software package, it's not the target (server) stuff. I don't have anything built for doing iscsi targets on plugs since you achieve the exact same result by just plugging in the usb drive to the computer that is going to be the initiator. If you want to do something like I did, using a target from a faster computer to get faster disk I/O for disk-intensive operations performed on a plug than you would get over usb, you can follow this tutorial here:
http://www.howtoforge.com/using-iscsi-o ... and-targetThat will guide you through setting up a target using an actual device or a (optionally sparse) file. It also has a section below for setting up open-iscsi on ubuntu, which is the exact same procedure you would follow for getting it set up on a plug (minus apt-get stuff, of course). This is the guide I used for getting my setup going.
If you have a separate dedicated (or even VM) computer (of the x86 kind) that you want to use for a NAS, the openfiler project (
http://www.openfiler.com/) gives you a great interface for setting up iscsi targets through a web interface.