Meant to report back on this.
I think Armory is hanging when starting the db process with with popen.
2017-12-29 19:09:36 (WARNING) -- SDM.pyc:396 - Spawning DB with command: ./ArmoryDB.exe --db-type="DB_FULL" --cookie --satoshi-datadir="L:\BC\blocks" --datadir="C:\Users\PhoenixFire\AppData\Roaming\Armory\" --dbdir="L:\ArmoryBC\databases"
2017-12-29 19:09:36 (INFO) -- ArmoryUtils.pyc:679 - Executing popen: ['./ArmoryDB.exe', '--db-type="DB_FULL"', '--cookie', u'--satoshi-datadir="L:\\BC\\blocks"', '--datadir="C:\\Users\\PhoenixFire\\AppData\\Roaming\\Armory\\"', u'--dbdir="L:\\ArmoryBC\\databases"']
Logs stops there and no DB process starts at all.
That said, I can spawn ArmoryDB manually like so:
start ArmoryDB.exe --db-type=\"DB_FULL\" --cookie --satoshi-datadir=\"L:\BC\blocks\" --datadir=\"C:\Users\PhoenixFire\AppData\Roaming\Armory\\\" --dbdir=\"L:\ArmoryBC\databases\"
And then run ArmoryQt and everything works fine. "start" not required, just a preference.
Edit: Got it to create the log in the install dir:
(ERROR) ArmoryUtils.pyc:3723 - Unsupported language specified. Defaulting to English (en)
(WARNING) SDM.pyc:396 - Spawning DB with command: ./ArmoryDB.exe --db-type="DB_FULL" --cookie --satoshi-datadir="L:\BC\blocks" --datadir="C:\Users\PhoenixFire\AppData\Roaming\Armory\" --dbdir="L:\ArmoryBC\databases"
Exception WindowsError: (6, 'The handle is invalid') in > ignored
Edit2: I can start Qt, let it hang, then start ArmoryDB manually. Qt then wakes up and loads the wallets just fine.