Well, I already figured out the problem but yes I was doing an upgrade from 7.0 to 7.5, but it would seem that on 7.0 the config files are at:
C:\Program Files\Dantz\Retrospect 7.0
and on 7.5 the config files are stored at:
C:\Documents and Settings\All Users\Application Data\Retrospect
Retrospect won't build the config files to be usable by 7.5 unless the config files are at this path when retrospect 7.5 starts up for the first time. All I had to do was place config70.dat in this path before 7.5 started the first time. You can't place them there after 7.5 has started up because at startup it will create config75.dat with nothing in it (since it didn't see config70.dat when it started up) which it will use by default every time it starts up and ignore any config70.dat you place in the directory. I suppose you could also just delete config75.dat and config75.bak and then place your copy of config70.dat into this directory and start up retrospect. Either way problem solved.