I started this before I saw Ian posted his solution (nice work Ian
), but I wanted to finish it anyway 
With this application you can easily rename your current setups and color schemes to the new Patch Y standards. Just select the source folder for the settings (LFS\data\settings) and click Go!
To be safe, please make sure you create a backup of your settings folder before using this application!
.NET Framework 2.0 required
Edit: Or use splattael's solution if you don't have .NET Framework installed and can't be bothered to do so.
René
EDIT: Updated to v1.1
- Now also transfers the colour files into the right directory.


With this application you can easily rename your current setups and color schemes to the new Patch Y standards. Just select the source folder for the settings (LFS\data\settings) and click Go!
To be safe, please make sure you create a backup of your settings folder before using this application!
.NET Framework 2.0 required
Edit: Or use splattael's solution if you don't have .NET Framework installed and can't be bothered to do so.

René
EDIT: Updated to v1.1
- Now also transfers the colour files into the right directory.