The default settings in the ultralink admin menu can't be altered; the alterations are not saved when the save button is clicked.
In Safari and Firefix, the settings appear to have been saved, but have returned to the defaults when you click the ultralink admin menu. In IE10, the save button just appears to do absolutely nothing when pressed.
On the plus side, this version does install correctly without a stream of WordPress database errors, and you can see Ultralinks in your blog text.
This would be a great utility if it just allowed you to save - for instance - your affiliate tags!