Hello dafloydman and welcome to the ArtRage forums
Yes it works in AR4.5
"Test Wave" is the name of the image or “Sticker” used for the brush head and is used for all the pencils in the pack.
To use the different pencils as designed select them from the Presets Panel only.
The Settings panel (where you see the title "Test Wave") is where you can start making adjustments for your own requirements
You can change the image used by clicking on it's name and selecting another from the list of installed Stickers and clicking on the Spray Variation button will bring up another window to access all the user variables in the Sticker Spray tool.
To get back to where you started just click on the preset you started with and any changes you had made will be reset.
Have a look around the forums for more in depth articles about the Sticker Spry tool. There is a lot to it!
Your going to have a lot of fun exploring ArtRage and what you can do I’m sure!