Mouse and tracking pad on a laptop

With a laptop, is it possible to set the Control Panel > Mouse options so that if I plug in an
external mouse I can adjust it (eg pointer speed) as I prefer, and when I remove the mouse so tha
tthe tracking pad is used, I can independently adjust this? The problem that I have is that the two
devices need different settings, but the settings in the mouse options in control panel don't seem
to allow this independent setting, so I have to re-adjust everytime I change between the tracking
pad and the external mouse.