Root Backup Apps and/or Settings?

[The Yeknod]

I want to root my Inspire and move to a better, less bloated system. I've never done this before, and I'm wondering if there is any way I can back up my apps and their settings, data, etc. I'm under the impression that the root process will cause them to be lost, so I'd like to preserve so that I can restore them after the root process is done. I've looked through some threads about backups but I can only find ones that deal with pictures / music or already rooted devices.

Please let me know if this is a lost cause, or if there's some way to migrate my apps, settings and all. I've heard that apps can be re-downloaded but I want to keep my settings and I don't know how that's managed.