Eh, no, it wasn't.
It was a B-film, got a B-film treatment, and when the suit finally came, it was a C-quality suit. They shot some footage with the suit, sent it back to the studio, along with the suit and the studio thought it was wise to shelve the film for a year or so.
In the meanwhile, Arnold was stuck with this semi finished film (most of it was done, only the SFX shots were to be recorded and the confrontation between creature and other characters) of which he DID love the concept, so he suggested talking to Winston.
Winston jumped in, and while marketing the Terminator, he and his team developed the Predator in about 6 weeks. (Eat that, ADI! Bitching about 3 months!
) and it instantly fit the film.
Daily's were sent to the studios, they liked the new look of the creature and finally allowed a raised budget for effects and marketing.