I received it, but I'm not seeing an issue. You said:
But I could not undo the Bust Out as the option was greyed out.
Where is it greyed out? There is only one "Undo Bust-out" button, and it's on the Controls tab. When I load your tournament, that button is active for me. Is that the one you're referring to?
Also, have you tried undoing the bust-out from the Game window, by pressing the S key?
I also could not adjust the standings in Player Tab as there was no "UP OR DOWN " arrow against the players name
This is definitely true because the 2nd place finisher busted out, but the winner did not, so the Adjust Player Rankings doesn't allow for swapping these two. The reason is that the Adjust Player Rankings dialog really just adjusts bust-out times, and swapping the 1st and 2nd place finisher would be a little different. I should probably augment the dialog to allow it.