Yes, update to 1.32, then load 1.32 into ptool, for it to overwrite. I suggest lpowell's reliability j settings to get you off to a flying start. Save seperately (ie don't overwrite the original 1.32. Select both of the top tickboxes, about version compare. Welcome to v0.0. Enjoy!
Yes, always tick those top two boxes, or else be prepared to s**t your pants wondering why you can't change your settings, and have to start a panic thread about it on DVXuser (like what I done)