Tekkit currently works with Minecraft 1.2.5, but you don't need to keep installing or uninstalling anything. The Technic Launcher installs a Tekkit directory separate from your vanilla Minecraft directory, so your existing save games and installed mods are preserved entirely.
(You can launch vanilla Minecraft from the Technic Launcher, but I don't know if that's your existing vanilla installation or another separate installation. If the latter, you can just use your usual Minecraft launcher to play your existing Minecraft.)
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