In case anyone else runs into this one...
Windows 10 Pro Version 10.0.18362 Build 18362
Act! Version 220.127.116.11, Update 4 English (United States)C:\Users\Public\Documents\ACT\ACT Data\Databases\ACT2020Demo.pad
Contacts View, click Global Icon Bar "Note" icon for New Note, "The type initializer for 'Act.Shared.WordCrushSpellChecker' threw an exception." appears*.
I found its a .NET issue:
1) KB: "Error: "The type initializer for 'System.Windows.Media.FontFamily' threw an exception" when opening Act!"
Running the "Microsoft .NET Framework Repair Tool is available" solved the issue, even though the log said it didn't work.
2) Google: "SOLVED the type initializer for module threw an exception ..."