Correcting a table's projection in MapInfo
MapInfo stores the projection information inside the MAP file. If the coordinates are correct, but you have wrong projection stored, it can only be corrected one way: Export the table to MIF format, edit the coordsys inside the MIF and then import the file again. After that MapInfo will take care of reprojecting the data on-the-fly if you want to show it together with datasets with other projections.
You can check what the Map windows projection is by going to Map > Map Options and click the Projections button. This will also allow you to change the maps projection.
You can also check the projections of the tables by going to Table > Maintenance > Table Structure. Here you can check the tables projection.
You are correct, to change the tables projection, you need to save a copy and change the projection on the Save dialog.
You can also reproject / attribute another projection your Mapinfo datasets with the free and open-source ogr2ogr GDAL utilty :
http://www.gdal.org/ogr2ogr.html
An easy way to obtain that utility is to install Frank Warmerdam's Tools :
http://fwtools.maptools.org/