You probably goofed up the preset permanently by updating it with only white balance selected (try recovering from backup).
But here is an important note:
Lightroom does NOT do a good job at handling process version in presets (and some presets included with Lightroom specify a process version when they shouldn't).
If the preset had a process version which did not match the process version of the photo, the preset may not behave properly.
If I used presets much, I would load all presets into a text editor, and check for process version specific stuff. If yes, then make sure there is a proper process version in it. Then, store in a PV20XX folder so as not to use it on the wrong photos. If no, then make sure you strip the process version out of the file, and re-save. Restart Lightroom afterward. Let me know if you need help determining which items are PV specific.
If you want to know which settings were in a previously applied preset, you can search for photos that have it applied, and compare the settings before and after applying the preset. ChangeManager makes the comparison easier and less error prone.
Rob
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