LoL Item Set Creator is a program which creates a set of Recommended
Items for you, as shown in the picture. All the item builds come from
our trustyworthy program, LoL Item Optimizer. This program does not contain Ads, automatic updates, or any other installations. This program only extracts text files to your League of Legends folder (Located at
C:/Riotgames/League of Legends/Config/Champions/'championnamehere' )
No. The program merely creates 'Item Set' files which any players can create/edit on their own from their LoL Client. In addition, Riot Games is not against 3rd Party Item Sets. If you still have any doubts, please check with the League of Legends Support Site. Here is the link to the support site about the item sets: https://support.riotgames.com/hc/en-us/articles/201752904-Item-Sets Search for "3rd party" and there you will have all the answers.
The builds created by 'Optimal Item Set Creator' are simplified for easy use. If you are looking for more specific case-by-case builds then you would have to use LoL Item Optimizer and then manually create your own Item Sets via LoL Client.
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Yes, reinstalling 'Item Set Creator' will overwrite any existing item sets created by the 'Item Set Creator'. You do not have to delete any of the text files that was already created by the older 'Item Set Creator'.
Unfortunately, you will not be able to edit them at this time and I currently do not know a way around it. Therefore, you will need to manually create your own item sets if you would like to edit the builds.
You can easily get rid of all the item sets created by Item Set Creator through Add/Remove programs in your Control Panel. If that didn't work for some reason then go to your Riot Game's Folder > League of Legends > Config > Champions > [and then remove all the folders in there]