Hi John,
Are you using the 1.5 version of Versatility III?
http://www.rockettheme.com/option,com_docman/task,cat_view/gid,170/dir,DESC/order,date/Itemid,113/limit,15/limitstart,15/
Install the 1.5 version, then go to Extensions > Template Manager and click on Versatilty III. On the right are all the template parameters.