Based on the tests David and I have done with a pre released version of the Tellicast clinet v2.44 it is advisable to make a backup of your old recv.ini and recv-channels.ini before applying this update.
If there is an option (cannot test this with the final release as I did miss the update due to a too small ramdisk) on choosing a complete install or an update, go for the update as a complete install might overwrite your ini files and ask your Eumetcast username and password to be entered again.