I can't say whay -SaveSettings isn't working. Blat is fussy about syntax, there could be something missing from the command line or there could be atypo, "-pwd" rather than "-pw". Anyway, this will save your settings to the registry:
blat -install smtp.k.net blat@k.com 2 - - cdo@k.com abcdef123
The first standalone dash is the port number. Port 25 is the default...
2009-07-26 15:02:33 UTC in Blat - A Win32 Command Line SMTP Mailer