Hi,
I haven't actually got the chance to do this, but we may consider the items as below:
1. For Outlook Accounts, if they are Exchange Accounts, you don't need to backup anything, just reconfigure them in Outlook and all emails and contacts should be available.
As far as I know, Outlook data is stored in:
UBF8T346G9.ms
UBF8T346G9.Office
UBF8T346G9.OfficeOsfWebHost
I suggest you back up them, then after the reinstallation please restore them.
2. For your documents in OneDrive, a reinstallation of Office won't affect them.
3. For the settings in applications, they should be stored in your user preference files, I suggest you back them up and after the installation replace the existing ones with the backups, check if this helps.
We can refer to these two links below and learn what files we should back up. Most of them are introduced in the "remove" steps, but in your scenario you will need to back them up and restore them after the reinstallation:
Uninstall Office 2016 for Mac
Troubleshoot Office 2016 for Mac issues by completely uninstalling
before you reinstall
Regards,
Melon Chen
TechNet Community Support
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