David,
yes the Full version installs for both PS and PSE if that is the license you have bought. The installer should see the old install and ask you if you want to remove it.
It will see the new pin files; but you will have to re-set your configurations so take screen shots as needed.
It does fix the ACV file issues on my PC (Win7 64 bit with PS CS5 and PSE 9 ) I have it installed on an XP machine running CS4 as well.
As you know David there may be bugs in the software...that is sort of the nature of the beast. So far it is solid on my desktop and I have kicked the bugs you mention around.
Greg