I was playing 3.40. Then I just bought the game in the Christmas sale. So not only am I sure that I deleted all the original files, I was reinstalling it in a different location (Steam). So that can't possibly be the issue. And yet, the same problem is there. It's not game-killing. I just have to remember not to pick it up before it's ready. But also I can't check how long it has to go because you only get that message when you try to pick it up.
Actually, I think you do need to uninstall the old version as well, because even if you have the game installed somewhere else on your machine, URW runs preferentially from the separate installation folder, even if you're launching directly from Steam.
At any rate, I don't think it hurts to try. I would back up any game folders and graphics mods first.
I'm a bit worried I'm seriously derailing the thread but anyway... someone can move it if need be...
Well, you had a suggestion to give. And I think it's a decent suggestion, so I would think there's nothing wrong with leaving this thread here.
But if we want to talk more about this problem you're having, I do think it would be more productive to start a new thread in the Bug Reports forum... even if it's not a bug with the program itself, you'll probably have an easier time getting troubleshooting help over there.