Yes, doing a factory reset will restore the system settings and the presets but not the installed software version. Here are the directions for doing a reset from TimeFactor's FAQ page.
How can I restore Factory Presets and System Settings?
To restore Factory Presets and all System Settings, power up while simultaneously pressing the Middle Footswitch and the Encoder until [INITIALIZING] scrolls across the Billboard display. CAUTION: This function will overwrite any Presets that you've saved. If you want to be able to restore one or more of your Presets you must first save them to a computer.
