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Yes, 3 out of 4 can still work properly if a battery dies in one of them.
Besides, the button under the dash is not a reset button. It is to set a new threshold value for whatever PSI is currently in your tires. It has nothing to do with resetting the sensor. Since you have 40 PSI in all tires, the new threshold that the system will warn you of a low tire is now about 32-34PSI.
Thanks for the info. Do you have any suggestions to my previous questions? Still would like to know what caused my issues, and how to resolve them. Thanks.
It could be a dead battery. The only way to find out is to get one of those TPMS scanners and see what info, including battery life, is being sent from the sensor.