I think that defeats the purpose of this mod. By emailing the password, it verifies that they are indeed the person with access to that email (verifying the email address). It eliminates all the back and forth with confirming an email when you register.
What you might consider doing is editing the password email that is sent and have a clear link to the settings page where they can change their password.
To change your button add this line to your additional css template (substitute your favorite color for the instead of #000):
Code:
#bop5rfrnext {background:#000}