Yes, there is.
***WITH NO PUBLICATION OPEN***, click Element > Text Wrap. Click the
second widget in the first row (the one you use when you want to wrap an
element), and change the default values. Click OK. Close PageMaker (not
positive you have to do this, but I think you might in order to make
your preference stick).
Note: I think this will cause every element you create to have text wrap
turned on by default. If so--and if you don't want this to
happen--repeat the procedure and this time select the first widget (no
text wrap). This will not change the values you entered the first time.
So if you select an element for text wrap, it should retain the valued
The key is that you can set up lots of defaults for all sorts of things
when there is nothing open--basically anything that is available on the
menus in that state (obviously you cannot set default values for
disabled menu items).
The other approach is to open a blank publication, set all the defaults
you want, and then save as a template. The advantage of this method is
that you can define different defaults for different classes of
documents (or, for example, for different clients if you are a service
bureau or *** ). Then, when you want to create a publication of
that document type, just double-click the template. Immediately save as
a publication in the folder where you want it, then proceed as usual.