Booting with /root on USB and /boot on SD should be pretty easy. The standard install instructions for archlinuxarm on N2 say to create two partitions, one 256M VFAT for /boot and the rest or whatever size you like for ext4 /root. So create the the VFAT on an SD card and install u-boot.bin there as well. Create the ext4 on the USB drive. Download and install archlinuxarm image on the USB root drive. Copy the root /boot to the /boot on the SD card. Then edit SD /boot/boot.ini Boot Args changing root=/whatever to root=/dev/sdX1 assuming root is the first partition on the USB drive and that it appears as /dev/sdX1.
The tricky part here is what device the USB gets. I don't know if the SD will appear as /dev/sdX1 or look like eMMC and be /dev/mmcblk0p1 so whether USB will be /dev/sda1 or /dev/sdb1 or something else even if you also have other USB drives. I would first try with USB as /dev/sda1 and guess that the SD looks like eMMC as a device, namely /dev/mmcblk0p1. Or maybe SD looks like /dev/mmcblk1p1 ie blk1. Either way, if /dev/sda1 works for USB and you boot successfully you can do df command to see what the devices actually are. If you have other SD devices so that the root USB does not always become the same device then you will have a new problem to solve.
Set the boot switch to the right (eMMC also for SD, not left SPI), power up, and cross your fingers.
Note that I have not done this. So it may or may not work. Take a chance.
Then there is learning how to boot with SPI. I have not played with that.
Would be good to have a serial connection to watch what happens.
Also see
ODROID N2 boot sequence