As far as I know and that maybe not a lot as noob to WP and this theme so don't take this as gospel, but as long as the changes were done in the Options panel and not by directly editing any files you will be fine.
But as with anything like this Backup Backup Backup, just in case
Maybe someone with more knowledge can confirm this? Also is their a HOWTO anywhere on the best way to upgrade?
Have just found this thread http://forum.bytesforall.com/showthread.php?t=5341
looks like you have to backup any custom header images (but to be safe I would backup everything including the database)