And...just another necro...
I just set up a Apple 2 game using Applewin, was able to just set up with the newest Applewin version with no difficulty. I could not find a hotkey to simply turn off Applewin in full screen, and bundangdon's kept throwing errors for me in the latest launchbox and v. 2 Autohotkey. So I've used the script:
#!Q::WinKill,A
which links the button combo to WinAltQ to killing the program, which seems to work with no difficulty. Since this post came up first when I searched for Apple II emulation with Launchbox, thought I would post this here.