If you're using OS3.2, the new Prefs/setting application is now called P96Prefs as it uses some new features in 3.2 for it's UI
From my understanding. This only works with Version 3.0 of the paid for Icomp version. For 2.0 you still need to use P96mode.
I have used P96mode with version 3.0+ and this works as well. Although it is no longer packaged with the latest versions from Icomp.