Certainly predestination in its Calvinist form is part of the heritage of Augustine. You can reasonably argue that Catholic theology is, as you say, a different way of appropriating other parts of Augustine. However Arminius wasn't a Catholic, and thus wasn't really part of an independent approach to Augustine. He was a Reformed teacher who thought Calvin, or at least Calvin's followers, had gone too far (i.e. had exceeded the Biblical evidence).
Calvin did a pretty good job at recapturing a Biblical perspective on many areas, particularly the atonement. (You need to use his actual views, not the rather misleading claims about what he taught.) Given the historical context I can see why he was attracted by predestination. I'm slowly coming to doubt the overall Augustinian vision. But within that tradition, I think Luther probably did a better job with predestination and related issues than Calvin did. His concern was that when you start trying to understand God's left hand (I'm tempted to say "the dark side of the Force") you can easily turn God into something demonic. He would diagnose later Calvinist theology, and to some extent Calvin himself, as having fallen into a "theology of glory."
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