Worked successfully in Windows CMD for me, without using the \bin shell script:
cd C:\mihaip-readerisdead
set PYTHON_HOME=C:\mihaip-readerisdead
C:\path-to-py27 reader_archive\reader_archive.py --output-directory C:\mystuff
Locked up at 251K out of 253K items for me, though. Restarting... success! Looks like it might have locked up trying to start the "Fetching comments" section on my first try.