Hmmm.... yeah... pen tables...
The deal is, there is a configuration variable MS_pentable. Depending on how your site/installation is configured/setup, this may be a user setting or a site setting. ie: the user may or may not be able to modify this variable.
That is the theory behind that variable. In actuality, once a user does a browse to select another pen table, Microstation will now look at that new location. Therefore, it ignores what's in the configuration variables. This was one of my biggest headaches with Microstation. You can program it to look someplace, but it doesn't ALWAYS look there...
I don't believe that it's stored with a project file. My installation shows it under Bentley\Workspace\Standards\tables
Again, it all depends on the installation at your company.
I'm not an Microstation Administrator... I only have 1 installation. Where I worked previously, this was a headache for me...
Pieter