Hello GlennElliott,
Thank you so much for using our theme.
1. There are lots of featured added on our theme like font options, color options, featured section options, footer section options, sidebar options and widgets are added on pro version. Besides this, other additional options are also available. You will get dedicated support for the premium version of this theme.
For more features and for demo please visit,
Features: http://www.acmethemes.com/themes/acmeblogpro/
Demo: http://www.acmethemes.com/demo/?theme=acmeblogpro
You can also change the layout of your site easily.
2. No any setting will lose but you have to make some setting for widgets section. But it is easier and user friendly theme so that no huge time is required to configure the theme.
If you have any question, feel free to ask.
Thank you
Acme Supports