You do want to select the processor setting as ATmega328P Old bootloader.
Also, you will want to the Arduino programming IDE to load the source code. After you move the code to the Arudino directory, you need to then load the .ino file. Click on the file, and a new IDE should pop up with the code on your screen. Set your processor settings, com port up and then the arrow button to upload it.
It may tell you that the code needs to be in a directory called .... what ever the .ino is called. Hit yes, and let it do it.
At that point I would move the rest of the code into that directory. It should be C:\xyz\Arduino\ubitx_V6.and so on.
You should be able to compile it at that point.
Later to repeat opening this project, you should be able to open the IDE, and select file, open recent and select the ubitx code.
Hope this helps. 73