Setting Defaults in MWord?

I am using an HP laptop w/Windows 7 operating system. I installed an old version of Microsoft Word (I think 2001 or 2003 or something) and it works fine. However, there are two things I'd like to accomplish: 1. In Page Setup, setting the margins to 0.5, not the standard 1.25, permanently; and 2) Setting the Print default to Draft instead of normal. I do this regularly but once I close and reopen Word, it returns to the default. Can I override this, and if so, how? TIA!