You could program anything you want really, in your case you would want to program the arduino to send a stop recording message, then change track, and then start recording again, all when you press a single footswitch. Very doable!
I believe what sezare meant is that you can get a midi processor as an alternative (there are several, blokas midihub for example) which allow you to program them so that when they receive a given midi message, they change the message according to whatever you tell them to, and they send it out. This way you could make them do what you want with any simple midi footswitch.