I changed the settings as you suggested and it "updated" to 1.4.3v2 (2015-08-19).
I hit launch and it gave me the same errors:
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Sorry, I've just restarted it and it says it will now update the launcher now, rather than the client, so I'll wait and see what happens with that.
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OK, it updated that to version 0.3.1 and said it needed to be restarted. When I restart it (still with the filename XMageLauncher-0.3.4.jar, there's no XMageLauncher-0.3.1.jar anywhere on my computer) it gets stuck before it loads or checks anything for a long time, then I get this again, along with a window that says there's a new version, would you like to update: