Sorry to hear you had a problem, unfortunately there isn't an auto-save backup created by ArtRage on OS X in the event of a crash. I do have some ideas as to what the problem might be regarding the effect. Check your paint tool settings in the left hand panel and make sure that 'insta dry' is turned off. It looks like it might be on to me as you're not getting the usual blending there in your screenshot.
If that doesn't help, I'm wondering if the settings file for Artrage might be damaged. If you do a search for 'ArtRage.prs' on your hard drive, and remove it, when you start up ArtRage it will go back to default settings and recreate that file.
It's strange that you're seeing an older version of the file if the file is damaged. It might be worthwhile doing a search on your hard drive for all ptg files to see if there might be a differently named file which was also used, just in case. I hope that helps!