Its very easy to configuring this plugin just go to Wp-Settings > BuddyPress > BuddyPress MyMood. in wp-admin.
You will find few configuration like :
1. "Add Mood" Which allow you to add more moods.
2. "Manage Moods" Which allow you to delete moods.
3. "Mood on Profile Head" Allow you to control MyMood Visibility in Member Profile.
4. "Mood Requred" Allow you to control MyMood Post Behavior.
The above statement does not apply in my case. I can not find any configuration page.
I build on a WP Multisite.