After a bit of an adventure, you can actually run the netinstall-cli on ARM perfectly fine using qemu-user binaries
Effectively it will emulate the CPU for the process, it doesn’t start a VM as most would know, and leaves the process where it should be (eg. it can access the network perfectly fine)
I have actually bundled this into a container now http://forum.mikrotik.com/t/guide-running-netinstall-server-on-a-tik/161056/1