I'm on COM 6 now as 1-4 is used by a PCMCIA serial port card.
When you delete the \Roaming\Garmin\GarminMobilePC folder, you're deleting the preferences of MobilePC so it starts anew. That is, it won't know if you have a USB or Bluetooth GPS so it'll go through the process again. I don't think you really have to do it, but for me, it DID help.
When you re-pair your Holux in the Toshiba Bluetooth panel, it will allow you to force a COM port for it. Normally it picks COM40, but you can pick anything from COM1 to COM100 depending on what is available on your system. That's where I chose COM 6.