Are you sure that you have the 11.20 version?

http://www.flashmagictool.com/download.html&d=11.20/FlashMagic.exe

I had the same problem and until I un-installed the 12.01 version and installed version 11.20 I could not get the 230400 baud rate.

Running on Win7Pro 64bit   FYI

-- 
73
de 
paul
W9PCS

"You see, wireless telegraph is a kind of a very, very long 
cat. You pull his tail in New York and his head is 
meowing in Los Angeles. Do you understand this? 
And radio operates exactly the same way: you send 
signals here, they receive them there. The only 
difference is that there is no cat." Albert Einstein

Resistance Is Not Futile!
It's voltage divided by current.

No trees were killed in the generation of this message,
but a tremendous number of electrons were terribly 
inconvenienced

"To err is human...to really mess things up requires the 
root password."

"If you're not part of the solution, you're part of the precipitate."

You gotta have a plan or how would you know when you deviated from it...