Reformatting is always a last ditch effort resulting in lost data and security/critical update status months or even years behind. So avoiding a format/reinstall is always a top priority.
Does the computer work fine otherwise? Why can't you reinstall over the top?
If you feel your System Restore is corrupt, I would suggest you disable it, reboot, then enable it again. This will delete all your old Restore points and allow you to start creating new ones.
I suggest you make sure your system is clean of malware. Malware can cause problems with System Restore and can corrupt other files. See
Cleaning Out Malware.
Note in that link the reference to CCleaner. Another feature of CCleaner is "Uninstall" located under the Tools tab. Try removing your program with that.
If still no luck, then you can simply drill down through My Computer with Windows Explorer (not Internet Explorer) to the drive and folder Print Artist is located and delete the folder. This will free up the space. If you are worried that you might delete something you should not, then use this trick. Rename the folder and run like that for a few days and see what happens. If no problems, go back and delete the folder. If something breaks, go back and rename it back to the original name. This works because any file looking for that folder or a file in that folder will not understand the new folder name.
For example, rename
foldername to
foldername-1-1-07. In this way, next week or next year, you can see how long since you renamed it and decide if you can delete it or not.
This works with files too. Rename
filename.abc to
filename.abc-10-1-07 and wait a few days.
Another nice feature of CCleaner is it's registry cleaner. Once you manually delete the folders, run the registry cleaner to remove any orphaned entries.