The problem I had with this plugin, running a WP installation 3.3.1, much newer than 2.9, was that this plugin has a flexibility to work with 2.8 and earlier. To be this flexible it searched posts I didn't need searched. This plug in was making my RSS feed so slow it broke readers; and loading pages with 10 excerpts was impossibly slow.
So I edited thumbsforexceprts.php -- around line 305
it says "if you don't find a designated featured image, search the post for an image" -- comment this out
if(!$find){/*
//no thumbnail defined with 2.9 feature... than we go the old way
$post_thumbnail = tfe_get_image($id,$content,$align,$width,$height,$default,$regenerate,$default_src);
if(!empty($post_thumbnail))
if($withlink=="yes")
$plus='<a href="'.get_permalink().'">'.$post_thumbnail.'</a>';
else
$plus=$post_thumbnail;
*/ }