Yes, delete that (the folder). All settings will rervert to default and you're gonna have to do everything from the top. I suggest you uninstall LW and delete the prefs, then proceed to redownload the application and install it.

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iMac G4 OSX 10.3.9
RAM 256MB
LW 4.10.5 Basic
ADSL anything from 3 to 8Mbps/around 1024kbps

"Raise your can of Beer on high
And seal your fate forever
Our best years have passed us by
The Golden Age Of Leather"
-Blue Öyster Cult-