Yep. Thats the one. If you "create a new theme" when Tinyportal is installed, you will get a new theme to play with - thats already "patched" to work with TP.
If you then copy the TPortalBlocks.template.php and/or TPortal.template.php over to this new theme's folder , you can change how the blocks and/or articles are output. Just like you modify the Display.template.php file to change how posts are output.