I should put some more work into it. The good news is that I just found a nice and simple editor that plays well with arc-f on windows (LispIDE - http://www.daansystems.com/lispide/)
btw. arc-f arc.bat doesn't play nice yet with "Program Files" type of directories. Works fine in C:\arc-f.
Got this error:
> default-load-handler: cannot open input file: "C:\Program" (The system cannot find the file specified.; errno=2)