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How about having REFRESH button to get the updated text, INSTEAD of making the STATIC choice through the Preferences?

Unnecessary, as File - Revert exists.

If you want it as a toolbar button, do a right-click on Toolbar, select Customize..., then go to Commands tab, select File on the Categories list, then drag Revert to the toolbar.
If you want an image instead of the text "Revert", right click on the word (with the customize dialog still open!), then either select an image from Change Button Image or go to Edit image button.

(as always, before you change such a config thing, close all textpad instances, then open exactly one with no documents. After the config change, close the textpad)