Did anyone even read TFA?
Assuming that laptop does in fact have tracking software that can report on the applications that are running and/or be used to send screenshots back to your employer, your ideas to run standalone apps from a USB drive would only land you in "trouble" because the screenshots would still show "rogue activity". The other idea of imaging the whole HDD, re-installing, and imaging back sounds like more hassle than it's worth. But at least from this I know that your BIOS isn't locked down to the extent that you can't boot from external media. So...
What I would suggest is to run a standalone OS from a USB thumb drive or CD / DVD. In doing this, you can run the alternate OS of your choosing, while sidestepping the considerable hassle of creating the backup image, installing the other OS... Here is a rather comprehensive list from which you can choose. Knoppix, Ubuntu, or Mint are the ones I would try first.
Why did the Roman Empire collapse? What is the Latin for office automation?