Is this "Automatic disk insertion" a Windows feature? If so, you may not need to reinstall TP, perhaps this can be worked out by changing a Windows setting? What version of Windows are you using? Do you mean the Auto insert notification? Found this on Google, you can use this to see if it's enabled on your PC, if you are using Windows 9x that is:
"How do I disable the Auto insert notification feature within Windows 95/98?
Auto insert notification causes the CD to start playing or spin up upon closing the CD drive tray. In order to turn off the auto insert notification feature, first go into the Device Manager.
1) You can access the Device Manager by clicking on the Start Menu/Settings/Control Panel/System/ and the Device Manger tab.
2) Click on the + by CD-ROM which will display the CD drives in your system. Double-click the on the specific CD drive to check the auto insert feature.
3) Click the Settings tab and look under the section titled Options. Listed under the options you should find Disconnect, Sync data transfer, and Auto insert notification.
4) Please uncheck the Auto insert notification option box by clicking on it. If you have done this successfully, there will no longer be a check mark in the box next to Auto insert notification."
Of course, the Automatic disk insertion feature also has stopped working.
This version you speak of, 4.7.1, right? There is a later version out btw.
In any case, you can save your settings. See TP's help file, "How to Transfer Preferences between PC's". See also here
http://textpad.com/forum/viewtopic.php?t=3941 - you can find more tips using search with the text "Transfer Preferences" here in the forums.
A safe way to do this would be to save your settings, install TP on a diffrent PC and then install your settings on that PC, if you like what you see you can repeat it on your original PC. HTH