Using custom directory does not work on beta 1.7.3

It seems to only affect pre-1.5.1, 1.5 seeming to not even working properly when given it's own folder

Dev console output: http://puu.sh/3Rz1z.txt

Devconsole from Castiel

Launcher 1.2 (through bootstrap 4) started on windows...
Current time is Aug 2, 2013 11:31:58 AM
System.getProperty('os.name') == 'Windows 7'
System.getProperty('os.version') == '6.1'
System.getProperty('os.arch') == 'amd64'
System.getProperty('java.version') == '1.7.0_21'
System.getProperty('java.vendor') == 'Oracle Corporation'
System.getProperty('sun.arch.data.model') == '64'
Delta time to compare resources: 1082 ms 
Download job 'Resources' skipped as there are no files to download
Job 'Resources' finished successfully
Loaded 8 profile(s); selected 'Version Tester'
Refreshing auth...
Logging in with access token
Getting syncinfo for selected version
Queueing library & version downloads
Download job 'Version & Libraries' started (8 threads, 11 files)
Finished downloading C:\Users\Nyko\AppData\Roaming\.minecraft\libraries\net\minecraft\launchwrapper\1.4\launchwrapper-1.4.jar for job 'Version & Libraries': Used own copy as it matched etag
Finished downloading C:\Users\Nyko\AppData\Roaming\.minecraft\libraries\org\ow2\asm\asm-all\4.1\asm-all-4.1.jar for job 'Version & Libraries': Used own copy as it matched etag
Finished downloading C:\Users\Nyko\AppData\Roaming\.minecraft\libraries\net\sf\jopt-simple\jopt-simple\4.5\jopt-simple-4.5.jar for job 'Version & Libraries': Used own copy as it matched etag
Finished downloading C:\Users\Nyko\AppData\Roaming\.minecraft\libraries\net\java\jinput\jinput-platform\2.0.5\jinput-platform-2.0.5-natives-windows.jar for job 'Version & Libraries': Used own copy as it matched etag
Finished downloading C:\Users\Nyko\AppData\Roaming\.minecraft\libraries\net\java\jutils\jutils\1.0.0\jutils-1.0.0.jar for job 'Version & Libraries': Used own copy as it matched etag
Finished downloading C:\Users\Nyko\AppData\Roaming\.minecraft\libraries\net\java\jinput\jinput-platform\2.0.5\jinput-platform-2.0.5-natives-windows.jar for job 'Version & Libraries': Used own copy as it matched etag
Finished downloading C:\Users\Nyko\AppData\Roaming\.minecraft\libraries\net\java\jinput\jinput\2.0.5\jinput-2.0.5.jar for job 'Version & Libraries': Used own copy as it matched etag
Finished downloading C:\Users\Nyko\AppData\Roaming\.minecraft\libraries\org\lwjgl\lwjgl\lwjgl\2.9.0\lwjgl-2.9.0.jar for job 'Version & Libraries': Used own copy as it matched etag
Finished downloading C:\Users\Nyko\AppData\Roaming\.minecraft\libraries\org\lwjgl\lwjgl\lwjgl-platform\2.9.0\lwjgl-platform-2.9.0-natives-windows.jar for job 'Version & Libraries': Used own copy as it matched etag
Finished downloading C:\Users\Nyko\AppData\Roaming\.minecraft\libraries\org\lwjgl\lwjgl\lwjgl_util\2.9.0\lwjgl_util-2.9.0.jar for job 'Version & Libraries': Used own copy as it matched etag
Finished downloading C:\Users\Nyko\AppData\Roaming\.minecraft\versions\1.5\1.5.jar for job 'Version & Libraries': Used own copy as it matched etag
Job 'Version & Libraries' finished successfully
Launching game
Looking for old natives to clean up...
Unpacking natives to C:\Users\Nyko\AppData\Roaming\.minecraft\versions\1.5\1.5-natives-48296670457598
Launching in C:\Users\Nyko\AppData\Roaming\.minecraft\1.5
Running C:\Program Files\Java\jre7\bin\javaw.exe -XX:HeapDumpPath=MojangTricksIntelDriversForPerformance_javaw.exe_minecraft.exe.heapdump -Xmx2G -Djava.library.path=C:\Users\Nyko\AppData\Roaming\.minecraft\versions\1.5\1.5-natives-48296670457598 -cp C:\Users\Nyko\AppData\Roaming\.minecraft\libraries\net\minecraft\launchwrapper\1.4\launchwrapper-1.4.jar;C:\Users\Nyko\AppData\Roaming\.minecraft\libraries\net\sf\jopt-simple\jopt-simple\4.5\jopt-simple-4.5.jar;C:\Users\Nyko\AppData\Roaming\.minecraft\libraries\org\ow2\asm\asm-all\4.1\asm-all-4.1.jar;C:\Users\Nyko\AppData\Roaming\.minecraft\libraries\net\java\jinput\jinput\2.0.5\jinput-2.0.5.jar;C:\Users\Nyko\AppData\Roaming\.minecraft\libraries\net\java\jutils\jutils\1.0.0\jutils-1.0.0.jar;C:\Users\Nyko\AppData\Roaming\.minecraft\libraries\org\lwjgl\lwjgl\lwjgl\2.9.0\lwjgl-2.9.0.jar;C:\Users\Nyko\AppData\Roaming\.minecraft\libraries\org\lwjgl\lwjgl\lwjgl_util\2.9.0\lwjgl_util-2.9.0.jar;C:\Users\Nyko\AppData\Roaming\.minecraft\versions\1.5\1.5.jar net.minecraft.launchwrapper.Launch Nykoload token:5fcd4a33fc0e4c89a3561609adafd102:b2dd52a082844c238debed980904959a --gameDir C:\Users\Nyko\AppData\Roaming\.minecraft\1.5 --assetsDir C:\Users\Nyko\AppData\Roaming\.minecraft\assets
Client> Aug 02, 2013 11:32:28 AM net.minecraft.launchwrapper.LogWrapper log
Client> INFO: Using tweak class name net.minecraft.launchwrapper.VanillaTweaker
Client> Aug 02, 2013 11:32:28 AM net.minecraft.launchwrapper.LogWrapper log
Client> SEVERE: Unable to launch
Client> java.lang.ClassNotFoundException: net.minecraft.client.Minecraft
Client> 	at net.minecraft.launchwrapper.LaunchClassLoader.findClass(LaunchClassLoader.java:179)
Client> 	at java.lang.ClassLoader.loadClass(Unknown Source)
Client> 	at java.lang.ClassLoader.loadClass(Unknown Source)
Client> 	at java.lang.Class.forName0(Native Method)
Client> 	at java.lang.Class.forName(Unknown Source)
Client> 	at net.minecraft.launchwrapper.Launch.launch(Launch.java:53)
Client> 	at net.minecraft.launchwrapper.Launch.main(Launch.java:18)
Client> Caused by: java.lang.NullPointerException
Client> 	at net.minecraft.launchwrapper.LaunchClassLoader.findClass(LaunchClassLoader.java:171)
Client> 	... 6 more
Client> 
Game ended with no troubles detected (exit code 0)
Deleting C:\Users\Nyko\AppData\Roaming\.minecraft\versions\1.5\1.5-natives-48296670457598

@Nick Bennett Smith: Please attach the complete output of the "Development console" of the launcher. CTRL-A, CTRL-C there, CTRL-V in the ticket.

@Nick Bennett Smith: This is a duplicate of MCL-1394 (Please add your devconsole there)
@Castiel: Please open a new ticket, that's a different issue.