Let $p$ be any Laurent series in $\varepsilon$ of the form $\varepsilon^{-1}+\sum_{n=0}^\infty a_n\varepsilon^n$, like the one in the question. Then infinite Laurent series in $p$ itself never converge (not in the ring of Laurent series, or Levi-Civita field, or Hahn series, or any related such field), because positive powers of $p$ do not converge to zero.
On the other hand, if we consider $p^{-1}=\varepsilon+\sum_{n=2}^\infty b_n\varepsilon^n$, then this element topologically generates $\mathbb R[[\varepsilon]]$ (as a ring) and $\mathbb R((\varepsilon))$ (as a field): proving this comes down to the usual method of showing that you can iteratively find coefficients of a power series in $p^{-1}$ to make it give an arbitrary element of $\mathbb R[[\varepsilon]]$.
On the other hand, there is no way such a Laurent series in $p^{-1}$ can give you anything outside the ring of formal Laurent series. There is no way to produce fractional powers of $\varepsilon$ through this procedure.