Hello,
When you select the different version of the KSDK (e.g. KSDK 1.3.0), you can click on the OK button:

The Processor Expert offer to update the project to the new version of the KSDK, i.e. all components will be updated from the previous version to the new revision and all properties migrated. You must confirm the following dialog (click on the Yes button).

Your project will be updated.
Please note, that due to this updated it is strongly recommended review configuration of all components in the updated project. The new version of component can contain incompatible modification (e.g. a new property) and you must set the configuration (properties) accordingly.
Best Regards,
Marek Neuzil