cabraham said:
But Fm acts in the z direction on the loop, producing torque and spinning said loop.
Yes, the magnetic force ##\mathbf F_m## does have torque and does impart angular momentum to the loop in general.
The angular displacement θ, times the torque is the work done by Fm.
It is mechanical work on the loop alright, but it is not done by ##\mathbf F_m##. Remember, you defined ##\mathbf F_m## above by saying that it acts on the electron in the loop. Proper way to calculate work of this force is to multiply it by displacement
of the electron. Using displacement of the element of the rest of the loop (the lattice + nonconducting electrons) makes no sense for this force, because this element body has a different velocity than the electron inside it.
If a force acts on the electron, it cannot act on an element of the rest of the loop (ERL). One force cannot act on two distinguished bodies - if two distinct bodies experience force, even of the same magnitude and direction, there are two distinct forces. Total force acting on the ERL without the conducting electrons deserves its own symbol, say ##\Delta \mathbf F_w##.
This force ##\Delta \mathbf F_w## and displacement of ERL ##\mathbf u## is what should be used to calculate net mechanical work done on the rest of the loop.
From experiments, we know the force ##\Delta \mathbf F_w## can be approximately expressed as
$$
\Delta \mathbf F_w \approx \Delta V\,\mathbf j \times \mathbf B_{ext},
$$
where ##\mathbf B_{ext}## is external magnetic field and ##\mathbf j## is current density of the
conduction electrons in the wire of the loop.
This force does have magnetic field in its approximate expression, but it is not a magnetic force in the sense of the formula
$$
\int \mathbf j_r \times \mathbf B_{ext}\,dV,
$$
because the current density due to the rest of the loop ##\mathbf j_r## is very different from the density of conduction electrons ##\mathbf j## used in expression for ##\Delta F_w##.
Therefore ##\Delta \mathbf F_w## have to be sums of electric forces or forces of non-electromagnetic nature. They are due to conduction electrons pushing or pulling on the rest of the loop due to their modified motion in the external magnetic field. These electrons exert electric and possibly non-electromagnetic forces on the rest of the loop and these can do work. Thus ##\Delta \mathbf F_w## are sums of
internal forces. Internal forces do all the mechanical work in this case. Energy for this is transferred from the energy of magnetic field and the source of voltage.
Mechanical work done on the ERL is
$$
\Delta \mathbf F_w \cdot \mathbf u
$$
where ##\mathbf u## is velocity of the element,
not of the electrons inside it, which is parallel to ##\mathbf j## and would give zero work. That's why the actual work can be non-zero; the force ##\Delta \mathbf F_w## acting on the element is not perpendicular to its velocity ##\mathbf u##.