Coming back to this question in december 2017, since Windows 10 Creators Update reset all settings in MS tools: MSPaint, WordPad, Explorer of course ... and I had to find a way to save settings on a not yet migrated box and restore them on updated one.
Basically, the solution for MSPaint in Windows 10 is based on REG.exe command.
Saving current settings is:
C:\> REG EXPORT HKEY_CURRENT_USER\SOFTWARE\Microsoft\Windows\CurrentVersion\Applets\Paint C:\My\Dir\MyMSPaintSettingsFile.reg
Restoring settings from file is:
C:\> REG IMPORT C:\My\Dir\MyMSPaintSettingsFile.reg
Since one may want to NOT save/restore recent files' list, some file handling may be required. I may soon post a CMD script about that.
This can also be applied to WordPad:
and to some extent to Explorer (saving the Ribbon and QuickAccess Toolbar):
It also worked pretty well on my Windows 7 box at work.