Updated for the version you suggested and it's now loading properly (without that db spawn error).

Used this command:
F:\Crypto\Armory\ArmoryQt.exe --datadir="F:\Crypto\Armory\user" --satoshi-datadir="F:\Crypto\Armory\core"

dbLog:
Log file opened at 10:37:20.000: F:\Crypto\Armory\user/dbLog.txt
-INFO  - 10:37:20.000: (..\main.cpp:29) Running on 8 threads
-INFO  - 10:37:20.000: (..\main.cpp:30) Ram usage level: 4
-INFO  - 10:37:20.000: (c:\users\goat\code\armory3\cppforswig\BDM_Server.h:248) Listening on port 9001

armoryLog
2017-06-26 10:37:18 (ERROR) -- ArmoryQt.py:1846 - Failed to setup SDM
Traceback (most recent call last):
  File "ArmoryQt.py", line 1841, in startBitcoindIfNecessary
  File "SDM.pyc", line 188, in setupSDM
BitcoindError: bitcoind not found
2017-06-26 10:37:18 (INFO) -- ArmoryQt.py:1908 - Setting netmode: 0
2017-06-26 10:37:20 (INFO) -- ArmoryQt.py:1856 - setSatoshiPaths
2017-06-26 10:37:20 (WARNING) -- SDM.pyc:395 - Spawning DB with command:./ArmoryDB.exe --db-type="DB_FULL" --cookie --datadir="F:\Crypto\Armory\user" --dbdir="F:\Crypto\Armory\user\databases"
2017-06-26 10:37:20 (INFO) -- ArmoryUtils.pyc:664 - Executing popen: ['./ArmoryDB.exe', '--db-type="DB_FULL"', '--cookie', '--datadir="F:\\Crypto\\Armory\\user"', u'--dbdir="F:\\Crypto\\Armory\\user\\databases"']
2017-06-26 10:37:21 (INFO) -- ArmoryQt.py:1808 - Connecting on port 9001
2017-06-26 10:37:21 (INFO) -- ArmoryQt.py:1908 - Setting netmode: 1
2017-06-26 10:37:21 (ERROR) -- BDM.pyc:200 - DB error: C:\Users\me\AppData\Roaming/Bitcoin/blocks is not a valid path

How can I change that last path to another drive? I believe that's the error, no?

Also, how do I keep track of that progress into the filesystem?

Thanks.