If you wanna keep everything and you have to format you drives there’s always the option of cloning you drive on another one, format the drive and put back everything on it. If your kernel panic is caused by a corrupt file cloning is worthless because the corrupt file will still be there, its the only option I can think of so you don’t loose anything including your media. I would clone a media drive only if you don’t have access to the original tapes because the best way to go is like Jerry said, save the project and graphic files, format drive, put back project files and recapture.