ok, I've got it up and running.   It seems the sticking point was that I needed a bin directory for each web directory. 

So I now have
c:\inetpub\wwwroot\MycoolWebSite
c:\inetpub\wwwroot\MycoolWebSite\bin

c:\intepub\wwwroot\CuteEditorClientFiles
c:\intepub\wwwroot\CuteEditorClientFiles\bin

each bin directory has it's own
CuteEditor.dll
CuteEditorWeb.dll
NetSpell.SpellChecker.dll
cuteeditor.lic

Is this the correct configuration?  (A one word answer will suffice)