Looking for how to update a Workspace setting. Pressing Save in the dropdown creates a new workspace.
How can I just update or overwrite the current one?

Type the name of the workspace you want to modify and then press save.

That creates a new one with the same name.

I got around that little inconvenience by naming the new/updated workspace with a -1, -2, -3 etc on the end of the name then deleting the previous name(s) then ignoring the number on the end.

You can go into your resources folder and edit/rename the workspaces and delete the old ones and tidy up the blacklist file if you want everything to be totally neat and tidy.

Thank you, that's what I've ended up doing as well.
I'll file a bug report on updating exisiting workspaces.