old News theme 1.0 not compatible with WP 3.3.1?

[PopBoxTV]

Hello, long time Studio Press user. Before the Genesis / Child theme framework, I used the old New Theme V 1.0. I've been happy with this theme and did a lot of custom work on it. I just did a long-awaited upgrade to WordPress 3.3.1 and I'm getting a problem now I have a hunch is related to my upgrading to latest WP version.

When I go to the NEWS THEME OPTIONS and try to change a different category to be featured in the main etc. - and when I hit "Save Settings" the settings don't change and update. An idea what the problem could be or if it's related to using old News Theme 1.0 with wordpress 3.3.1 ?