Yeah, you can do that. Confirm for me though please. If you do a factory reset and send a new setup file, do the dimensions for your implements come in? I was thinking they don't and you'd have to re-enter them.
One other thing I know you have to re-do is your Boundary Fill lines. That alone will keep me from doing a factory reset. I will opt to go in and selectively delete old work data to avoid having to make new Boundary Fill lines every year.