No, it doesn't require a complete overwrite.....you can probably spend some time picking out your hacks and then installing the new files and adding the hacks back in but at the end of the day this is not Gossamer-Threads fault. If you choose to hack the code then it is your responsibility to import those hacks into the newer version when you upgrade. No-one is forcing you to upgrade to the newest version.

Paul Wilson.
new - http://www.wiredon.net