Is there a way to pass arguments or some other options? For example, TextEdit can be opened in plain text or rich text mode.

There is not, infat is subject to the limitations of Apple's API for setting handlers, which do not support passing in any data that an application could work with. If you wanted to, and have the time, I would recommend setting up a wrapper with https://github.com/sveinbjornt/Platypus with applescript. Then you could make an alternate for whichever mode you please and set it as an opener using infat. Clunky but functional.