One thing I’m concerned about: If you delete your save data, will it delete your replays? I know it sounds weird, but I deleted my SSFIV data once and when I made a new file, it was all gone, even though it’s not stored on the on-system memory. A similar thing happened to me with UMvC3: My rank went away after I deleted then saved.
I do believe you lose all of your progress. That includes replays. I haven’t deleted my savegame yet. So I don’t know for sure. Make a copy to be sure.
On the second account I made, I deleted the save file and indeed, it worked as expected. 
So this works out well - all I need to do now is go and make some cool color sets on that account, and that’ll be the one I use for tourney settings when I travel or need to bring a setup. It’ll be a bitch and a half to get every character some awesome set colors (time to go pillage the Pimp My Character thread! Don’t worry I’ll add to it again too :3 ) but it’ll be worth it.
My main account still has all my setups, save data (replays, records, etc) and colors, too. Win win :rock:
Thank you sir was wondering how to do it.