Thanks for that response.
I just reinstalled a previous version (4.48) by running the exe I had in the Program Files (x86) folder and it overwrote my 4.58 version. I didn't re-enter my licence key, it just knew about me. It worked too, so my video can now be generated and much more quickly (just 16 minutes, rather than the 25 minutes or so using 4.58, don't know what's going on there).
Interestingly, I had an older VideoPad folder which had its own version of videopad.exe and that run just fine (alongside my 4.58) but was soooo old it would not open my project file and prompted me to upgrade to a more recent version! But it still indicates that making copies of the installation/runtime folder will allow you to run multiple versions side-by-side?
Unfortunately, the saga doesn't end there (with 4.48 successfully generating my video). The crossfade effect had been changed in 4.58 and was no longer compatible with 4.48 inasmuch that it just truncated bits of the crossfaded video - I've had to go back and ensure the video clips are correctly aligned, what a chore that was.
However, I'm relieved that 4.48 is still useable for me and will wait for 4.59 (?) to appear shortly as 4.48 definitely is a breaking change (well for us two, anyway). In some ways I'm surprised at NCH not giving early access to late beta or Release Candidate versions to real world users (I produce a YouTube video a week) who might find undocumented features more easily than they could. Of course, it would have to run in parallel with our installed released version and be backward / forward compatible so we could revert if required using the same project file.
That said I've produced 3 videos over Xmas with 4.58 and it's only the last one that has caused me problems. So testing could be quite lengthy!