If you are using Outlook as your default e-mail client, then the History Options will be under the ACT! tab in your Outlook options (Tools/Options in Outlook). If you are using ACT E-mail as your default email mail client, then you would have access to the Composing options as those are strictly for ACT E-Mail.
Note: Effective 6/1/13, Sage no longers provides support for the Act! software. This is now provided by Swiftpage.