Depends what you mean by "rotate". If you mean rotate back to front, then no, the reset button has nothing to do with that.
If you mean rotate, as in swap the wheels on the vehicle for another set of wheels that have TPMS sensors that are going to be programmed to the vehicle, then yes, the reset would be used to set the Threshold pressure when you're all done.

 

Unfortunately that is not true.
The way the vehicle senses the ID numbers isn't dependent on where they were, or going to.
You can put them on the other side of the car on the other axle and the computer will find them no issue.

Brief explanation of how it works...
There is a receiver at the left front and right rear of the vehicle.
The receiver on the left front detects the left side TPMS sensors...the right rear detects the right side sensors.
The TPMS ECU determines the position of the wheel based on the TPMS sensor signal strength..i.e. the left front receiver gets a strong signal from the left front wheel, and a weak signal from the left rear wheel...on the other side it's opposite.
Once the TPMS sensor ID numbers are in the ECU memory, it doesn't matter where they are on the vehicle, the ECU will find them and give you a pressure reading.

 

That is correct.

 

That would have been a nice feature to carry forward to the 3IS.

 

Why not purchase Autel MX-1 Sensors can use them to clone the originals? They are cheap themselves and you can buy the programmer all under like $200 depending what kind of deal you can find on eBay. I bought the programmer kit that included 8 MX-1 sensors with 4 replacement metal stems. By default the sensors comes with rubber stems but the kit comes with 4 metal ones in case you want metal.

I think some people here bought the MaxiTPMS Pad which is under $60 and a set of 4 MX-1 Sensors (universal and can use either 315MHz or 433MHz (Lexus uses 433MHz?). They also recently have the angle adjustable MX-1 sensor for those who have wheels that require valve stems with odd angles.

 

Well, that would be the first good news I’ve heard about this TPMS system.
I’ll test it out when I put on my winter wheels and reload the IDs in a couple months.

 

Can you give me an idea of how I can find somebody to do this? Is this something that requires some tool, in which regular folks can't buy? So... am I looking for someone that has access to a tool that maybe only Lexus employees have access to?

 

Take a look at the Autel TS-408 and TS-501 tools.
They can program (clone) the Autel MX-Sensors to match OEM sensors.
I didn’t go that route, but I recall a fellow with an ES that was happy with the result.