The reinstall is easy with ics, it reinstalls the apps itself for the most part.
You can do the fdr without an sdcard in the device. In fact its probably smart that you do remove the SD card.
I take screen shots of my screens, move those to my sdcard and then follow those to put my phone back to how it appeared before.
It doesn't take an hour after you get used to it.. but the first time, it could take you a little while