Upgrading from Drupal 6 to Drupal 7 breaks the 'tokenauth_text' variable

After upgrading from Drupal 6, the text stored in the 'tokenauth_text' variable is no longer displayed on the site.

There are two problems:

1. The text is stored in the 'body' key but should be stored in 'value'.
2. This code in the update function doesn't work at all:

       // Formerly the default format, no longer the case.
       $text['format'] = 'filtered_html';
       variable_set('tokenauth_text', $text);
   

   There is no reason a site which upgraded from Drupal 6 will ever have a text format called 'filtered_html' defined. Therefore, the variable winds up being saved with a text format that doesn't exist.