I was able to get this to work after a few hours of reading, experimentation and head-banging. I couldn't find the answer in Stackoverflow; hopefully this will help the next person to look.
First, I restructured the directory containing my executables. A shared "plugins" directory had been alongside the executables. I made copies of it in application-specific subdirectories, and removed the original.
parent
foo.exe
foo.ini
foo
configuration
config.ini
plugins
bar.exe
bar.ini
bar
configuration
config.ini
plugins
Next, I added settings similar to the following, to the top of each *.ini file, above -vmargs. [Your version numbers may vary.] An option and its argument are separated by line breaks.
-startup
foo/plugins/org.eclipse.equinox.launcher_1.3.0.v20120522-1813.jar
-install
foo
--launcher.library
foo/plugins/org.eclipse.equinox.launcher.win32.win32.x86_1.1.200.v20120522-1813/eclipse_1503.dll
And this existing setting was already underneath -vmargs.
-Dosgi.sharedConfiguration.area=file:configuration
Note: although this works, the "configuration" directory and the -Dosgi.sharedConfiguration.area
setting are anachronisms from a single -install directory. It would be more elegant to have config.ini alongside the plug-ins directory, and omit the setting. However, I didn't get that part to work, and can live with it.