There is no such setting via code. Have a look at Unity's TextureFormat enum. You need to specify the exact format. There is no "Automatic Truecolor". That's only in inspector.
NGUIEditorTools.cs
lines 447 and line 482:
settings.textureFormat = TextureImporterFormat.ARGB32;
can be changed to:
settings.textureFormat = TextureImporterFormat.AutomaticTruecolor;
i agree with Wisteso, it's better if format is automatic truecolor.