I'm not familiar with your machine, so I can't offer a lot of advice, but ...
Rather than wiping that system, I suggest that you acquire a 2nd computer running Windows7 and install "the latest EdingCNC software" on that 2nd machine. While in theory a backup/restore should work, if it doesn't you will be in a difficult situation. Also, before you change anything, I suggest seeing if EdingCNC offers a guide to moving files from an older computer. Presumably you would be buying "the latest EdingCNC software" and that should entitle you to some kind of transfer/installation support IMO.