Yes you can use the retail Premium installer to clean reinstall to overcome the factory bloatware and repartition as you want. The Product Key on COA sticker is a batch key, so it requires the robocall to MS to sort out the actual key but I have done it many times and it always completes activation.
If you have favorite apps you want to extract from the HP recovery disks like WOrks, then you can use this method: HP 3rd Party Software After Clean Win 7 Install
The installer is mostly driver-complete, with newer arriving quickly via optional Windows Updates. Any drivers then missing in Device Manager can be found on the Support Downloads webpage for your model computer or device. I would not change any drivers given by installer/Updates unless performance dictates. Put your wireless or ethernet driver on a flash stick so if necessary you can get online quickly.
Install programs slowly over time to gauge performance after each. Don't let any programs write themselves into msconfig>Startup as they become freeloaders on your RAM/CPU and can spy on you. I only allow AV and gadgets.
Use a lightweight free AV like MS Security Essentials which works perfectly with Windows 7 Firewall.
When it is finished, clean and order the HD perfectly using state-of-the-art free CCleaner then Auslogics Disk and Registry defraggers monthly.
Then save a Windows 7 Backup image externally so you never have to reinstall again, just reimage the HD or replacement using DVD or Repair CD.