Hey!
I think this is what might be happening:
http://laytheme.com/troubleshooting.html#updating-redirects
Can you talk to bluehost/your webhost about this?
Bluehosts' firewall might block you from updating lay options, because of all the html and javascript.
To quickly test if this is the problem you could remove all css and js and html from lay options → custom css & html and then hit "save" and see if saving lay options works then.
Of course make sure to backup all your css, js and html that is custom in there. Or maybe backup your database.
