There are three things which I don't fully understand either:

1. Why are there three files on " 
http://standalone.contextgarden.net/setup/ " which is reachable via the 
" Download ConTeXt " link?
There are

[ ] 	context-setup-mswin.zip 
<http://standalone.contextgarden.net/setup/context-setup-mswin.zip> 
2016-05-23 22:36 	21M 	
[ ] 	context-setup-win32.zip 
<http://standalone.contextgarden.net/setup/context-setup-win32.zip> 
2016-05-23 22:36 	21M 	
[ ] 	context-setup-win64.zip 
<http://standalone.contextgarden.net/setup/context-setup-win64.zip> 
2016-05-23 22:36 	21M 	


Wouldn't *win32* and *win64* files alone suffice? I am wondering what 
the *mswin* files is for. It is a little bit confusing.
Especially because there is also another folder  " [...] 
contextgarden.net/setup2/ ".
Again with

[ ] 	context-setup-win32.zip 
<http://standalone.contextgarden.net/setup2/context-setup-win32.zip> 
2016-05-23 22:36 	21M 	
[ ] 	context-setup-win64.zip 
<http://standalone.contextgarden.net/setup2/context-setup-win64.zip> 
2016-05-23 22:37 	21M 	


2. Is the " setup2 " folder really necessary?

Last thing is about the problem with finding lua...

In your description you don't mention using " first-setup.bat ":

1) Download the context-mswin.zip in C:\[...]\Documents;
2) mkdir 'context' => cd 'context'
3) Unzip it and launch context-setup.bat in the new C:\[...]Documents\context
4) Then, go to \context\tex and launch 'setuptex';
5) Then again, cd \context\tex\texmf-win64\bin and do : 'context --generate', and 'context --make'.


I mean I see your point that you want to use it standalone. So...


3. Why don't you try it the simple way? I am on Win10 x64, but this 
should work for every supported Win system:

         0. I donwloaded context-setup-win32.zip 
<http://standalone.contextgarden.net/setup/context-setup-win32.zip> from 
" setup " folder.
         1. Extracted " context " anywhere. I used short paths: " 
C:\context " or " D:\context ". Renamed to ConTeXt for readability.
         2. Used command (cmd.exe ideally as Admin) and went to my CTX 
path: " D:\ConTeXt\ "
         3. Entered first-setup.bat        -> I also added " 
--modules=all ". CTX is around 400 MB now. I am sure it's fully worth it!
         4. After download finished I navigated deeper to: " 
tex\texmf-win64\bin " like " D:\ConTeXt\tex\texmf-win64\bin "
         5. Created a document " test.tex " right inside " bin " folder.
         6. Edited it with editor and only enterd: " \starttext Hello 
world \stoptext "
         7. Save the document
         8. Entered " context test.tex "
         9. And finished was my first PDF.


Maybe you could try the same...


Greeting, Seba