it is indeed possible to edit Wasteland 1's configuration file. The game makes a copy of it to a folder on your computer, which varies depending on your operating system.
- Windows 7/8: %localappdata%\inXile entertainment\Wasteland\wl.conf
- Windows XP/Vista: C:\Local Settings\%USER%\Local Settings\Application Data\inXile entertainment\Wasteland\wl.conf (Windows XP/Vista)
- Mac OS X: ~/Library/Application Support/Wasteland/wl.conf
- Linux: ~/.wasteland/wl.conf
You can navigate to that version of wl.conf and open it with a text editor such as Notepad. If you make any changes you want to revert to defaults, you can just delete the file and the game will make a new version the next time it runs.
Note: That there is a file called "wl.default.conf" inside the install directory. Do NOT edit this version, as that's the default that the game uses and bases any of your preferences off of. Only edit the "wl.conf" version in your user folder listed above.