Well I was having trouble using JoyMonkey's method of leaving the FE on the C drive and copying the AdvanceMAME over to the X drive. I couldn't get it to run properly for some reason. On a hunch, I increased the size of the virtual drive and moved over the FE at startup as well. That actually fixed it, and now I can use AdvanceMAME with Game Launcher!
I still reference all my ROMS and support files back to the C drive, though. This gives me 2 advantages. One, by leaving AdvanceMAME's support files on the C drive, I can make changes in-game and they'll stick when I reboot. Second, it also means I can save game high scores for most games in the c:\advmame\hi directory. I also leave the ROMS on the C drive to reduce the virtual drive size. I've found my load times are better when the virtual drive size is kept smaller and ever KB counts.
I haven't unzipped my individual ROMs yet cuz I'm a lazy bum, but I'll do that today. I'm expecting it to shave off anywhere between 1 and 2 seconds of load time. That'll put me under 10 seconds. I have the space to do. I just haven't done it.
By the way, since I'm a lazy bum, I just copied the whole AdvMAME directory (without subdirectories) and the whole Game Launcher directory over to the virtual drive at startup. I didn't want to have to worry about what files I needed and which ones I didn't. I might be able to shave off a couple more seconds by thinning down the copy and decreasing the virtual drive size, but i'll get to that later. I noticed JoyMonkey was only copying over a couple of things.
One more note about virtual drive size. It's not good enough to just barely fit everything that needs copying over. I noticed you need a few more MB on top of that or you'll get funky in-game results. I'd suggest making the drive size just big enough to fit everything and then start incrementing it up 1MB at a time until you get proper performance.