The problem with the "Make Current Values Default" is that it cannot be used on a VI or Global that is currently running or in use. Using that method requires a re-compile, and that cannot be done while the VI is running.
Reading and writing from a file is going to be your best option. Take a look at the <a href="http://www.openg.org">Openg.org</a> toolkit. Part of this package is a set of VIs that use Variants to read an entire front panel and write the values to a file. It can also read from the file and write back to the panel. You can get the download <a href="http://www.openg.org/tiki/tiki-index.php?page=OpenG+Toolkit%3A+Downloads">here</a>. This makes it very easy to save panel setups without having to define everything each time. You may want to do some reading on the site on how to install and use the toolkits. There is also a forum to ask questions about the various tools available. Ed
