My "old school" has always been to save settings during program execution in the database (provided that you take the time to make sure that you do not clog the database with updates / inserts).
If my application should be more efficient, I need to easily remember the saved settings that I serialize in XML using System.Xml.Serialization (from memory). XML serialization is human readable, which is useful (but not the most efficient in terms of processing time).
If I need even more efficiency, you can follow the path and serialize to a binary file.
I would suggest reading / understanding http://msdn.microsoft.com/en-us/library/Vstudio/ms233843.aspx before returning here. I would say that as soon as you read this, you will be much better prepared to decide how you want to accept your application.
In my experience, there are not many DUMB ways to solve problems, but there is almost always a better way to solve them, given enough time and research.
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