Wow, it works great!
1. It could use the Windows' "What's This" system for the buttons. Although, I'm sure you are working on a very large "readme".
2. At first, I didn't see the "OK, Cancel" buttons for the compile options. I though it was set by closing the popup window, and there is nothing on the main screen that shows what options are set. So, that could be designed better -- I think its the background or the locations of the buttons outside the white box.
3. One idea for logging might be to have the "Save Log" button flash after the compile is finished. You could also add a "Cancel/Clear" button to make it stop flashing, and/or clear the log dir and name windows.
4. It would also be nice if the "Compiling" button flashed -- during the compile. Then you could see if it was done from across the room. Maybe a finished bell sound?
Hope that helps!