>can I simply replace the new  'Powermail
>Files' folder with the old  'Powermail Files4.2b' folder

NO!!!!

this is where your database, addressbook and preferences are stored!
replacing would delete all your data.

either >> menu >> file >> database >> change user environment >> select
former power mail folder 
or 
move all important data (database, addressbook, attachment folder...)
into the new folder (while PM is not launched!) and then launch PM again.

---marlyse


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