Well after going back and forth a couple times with Corel support, I’ve been informed that the nib issue in Photopaint is an official limitation (aka BUG) and has been sent to the Corel engineers to be addressed either in a service pack or a new release. Here’s the email I got:
This has been a confirmed to be a limitation of the Photo Paint 12,X3,and X4. To answer your questions, yes, you can reset the nibs to factory default, the same way when you delete them. I sent your request to our Development Team to be added, as a enhancement, for the next release.
Color me confused, but how was this not reported before? It’s been an issue for over 4 years… Seems to me this is a pretty significant issue. Well folks, looks like I found something Photoshop does WAY better than Photopaint.