It is recommended that you upgrade to the latest version, which includes bug fixes and enhancements, as outlined in the the version change log.However note that a fix for the "Failed to create target project form template" issue will only be available in the next version (2.0.9) which should be available next week.
Regarding the empty "Install on device" dropdown - this is the correct state for iPhone applications since there is an additional step of building the exported project into an app using xCode on a Mac (see the final section here for instructions).However for Android apps, if you've installed the SDK, you should see options, since Tersus is able to actually build the final native app and install it via the SDK - see this page for more details,
Upgrading to the latest version is easy (regardless of the original install method, platform and version used) - just follow the instructions for setting up the latest update site in the Getting Updates page.
Regards,
David
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