Yes you can, To delete the sensor code press and hold the set button for 3 seconds you will initialize the sensor code to "FFF FFF". But I have an easier way if you set your Parameter setting wrong. I have just went through this. If you have the sensor coded to each wheel, just call TST and they will just tell you to get your monitor and they will tell you what to push and when after they ask your CP of your tire.
You could contact TST. I'm not aware of any reset procedure, but you could just go back and delete sensor codes one at a time then re-do them. Press the code button for 3 seconds, then use the + or - buttons to move to the sensor code you want to delete, then press the set button for 3 seconds to delete that sensor.