If i do a factory reset on my laptop can i still log back into my acct, re install without losing my stuff i purchased such as bible versions or slides?
Yes, your EW license and bibles will be available because they are on your account. Any media you've purchased can also be downloaded again. Your song database and any other media you have will not be there, you will need to back those up if you want to restore them.
I wouldn't do a factory reset except as a last resort. It will wipe EVERYTHING you already have so you would need to backup all of your software keys, you various documents, pictures, audio and video files as well as your EW Profile (see the article linked below for the EW profile backup). You would also need to re-install all of your programs and configure them, make backups of your various program profiles for your Browsers or you will lose all of your bookmarks. And finally you would need to install all of the Windows updates which can take quite a while as well as a lot of internet bandwidth.
Essentially, it's a lot less trouble to fix whatever issue you have than perform a factory reset. My pastor did that on his computer and it took me three 12 hour days to get his computer back up and running for what would have been a 20 minute fix.