Symptoms
No 'Modify' or 'Repair' option in the setup of K2 Connect.
Diagnoses
According to the documentation this can achieved by re-running the setup for K2 Connect:
http://help.k2.com/onlinehelp/K2connect/UserGuide/current/default.htm_Quick_Install_Guide.htm?TocPath=Install|_____3
If you install the K2 Connect Server component and want to later on install the Developer tools, you can only uninstall the server and install the whole package and not just add the developer tools component for Visual Studio.
Resolution
A bug was logged and the issue will be addressed in a future release.