UPDATE: There is a driver from Microsoft for the xbox360 controllers you can download to help edit your settings for it.
goto:
http://www.microsoft.com/hardware/download/download.aspx?category=Gaming
Select the type of product (Controller), which product (xbox 360 controller or xbox360 wireless controller), which Operating system (ex. Windows XP SP2 or later), and select language.
This isn't exactly much different then just doing plug and play and letting windows find the drivers, but it does give you a help menu and if you had installed custom drivers and they didn't work this should help get back the original drivers for the controller.
I'm also trying to change my settings for multiple games (not just mtm2) so if I find more info on how to get this to work for FPS as well as Racing games like MTM2 I'll repost with a more indepth post later.