I just bought an AX8 and a powercab plus 112. Does this tonepack erase the factory settings?
See this video to learn how to use Preset Manager.
Here's another one that may help on using Fractal software to backup:
Hope that helps you understand the concepts. The concepts generally all work across AX8, Axe-Fx and AxE-Fx III, with some differences for the AX8 since it has 16 sub-banks of 8 as "one" 128 preset bank compared to one bank of 128 presets in the Axe-FX.