It should keep your old settings yes. But will probably uninstall your previous FW program. BTW you will get an update notice about a newer version, click cancel on it. At least it does not auto-update without your permission.

Auto-update is such a scary tool. God knows what the newer version may have in it, also what bugs. This applies to any program. I often like to check user feedback reports about the updates on some programs before 'choosing' to update. Especially if it's professional software I work with for a living.