How do you backup your VMs today? Some options are to export the VM's using the OVF format, using e.g. VM Explorer - Free, ...
Although a backup is highly recommended, reinstalling the host shouldn't harm the VMs. The installation should detect the VMFS datastore(s) and present a selection from which you will choose "Install ESXi, preserve VMFS datastore". Once reinstalled, you need to configure the ESXi host's settings (e.g. networking, time server, ...) and then add the VM's back to the inventory, by right clicking each VM's .vmx file in the Datasore Browser.

André