The "Tools"->"Options" dialog shows the currently active custom message formatters, logging options and general options.
Opening the Formatter tab you can select a formatter and open the configuration dialog for the formatter by clicking the "Options" button.
The General tab allows you to choose whether the application will be displayed in the TaskBar Notification Area, more commonly but incorrectly known as the System Tray.
The Logging tab allows you to enable or disable logging and choose the folder where the log files will be produced.