No update has ever wiped my profiles, not even my overdrive settings. You don't need to uninstall before you install the update. If that's what you do, it is you wiping the profiles by doing that.
If you need a 3rd party tool to manage profiles, I think RadeonPro is the tool that is made for this very reson. I might be mistaken though, so check it out before trying.
CPU: AMD Phenom II X4 810 @ 3120MHz | RAM: Kingmax 2x2GB DDR2 800 @ 833MHz| MoBo: MSI K9A2 CF v1.0 (BIOS: 1.D)| GPU: Asus HD 6850 1024MB (DirectCu) @ 835/1135MHz | Display: L24FHD | PSU: PC Power & Cooling Silencer 750 Quad | OS: MS Windows 3.11 Pro x64