I downloaded FactorLib 1.8 to Win 7.
I backed up my TF presets using 3.0 but could not download edited version back to 3.0 TF (TF Reads BAD!!"). So, I updated to TF 3.16 and it did not seem to chaange any presets. Everything seems good!
However, I could NOT reload my 3.0 presets (Factory Lib now says they are "unknown"). I'm thankful that 3.16 did not change my presets or I'd be really screwed since most f mine are custom. Good news is that both factory and custom presets seem fine. Bad news is that my backed up presets (which were on TF anyway) will not load.
Moral of story from my perspective. Do NOT update if you have banks of saved (on computer) presets you need access to. You may not be able to read them. But, from my experience, presets on device are good.
It seems like there may be an issue with FactorLib 1.8 "reading" 3.0 presets saved to disk.
Will try MF next. This will be hairy as I did not upgrade my MF to 3.0 fearing issues. So, these will be 2.4 presets on a box being upgraded to 3.16. I will report back.
Best advice I have seen: if you have stuff you can't lose, write it down.