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Yes, you can reset it after first initial setup. But that doesn’t mean, the once created wallet address is gone too. After reset you can restore the wallet by entering the same seed. Or you can create a new wallet with a new seed.
Besides, i think the easiest way is probably to let your friend set it up initially and then send the coins to his wallet address. Otherwise your friend would have to reset the initially setup ledger, create a new seed, copy the receiving adress, reset the ledger again, enter your initial seed, send the coins to his wallet and reset the ledger again to access his wallet…
But anyway, resetting your ledger several times after receiving and sending small amounts of coins is good practice and should be advised anyway.
Hope i could help!