I need to analyze a similar-to item for my price analysis but don't see that as an option. Does SpendLogic work for this type of analysis?

Yes, it does. In each analysis method (i.e., Competitive, Historical, etc.), SpendLogic walks through the steps to adjust the basis price for differences in market conditions, complexity, or other differences. The screens where this occurs by analysis method are listed below: 

• Competitive: Bid Details screen
• Historical: Complexity Adjustment Screen
• Market Comparables: Market Comparables Screen
• Parametric: Complexity Adjustment Screen
• Published Price List: Complexity Adjustment Screen

See also How do I write a "similar-to" price analysis report?