Sure...
It all depends on just what you want restored to factory defaults.
From instructions on page 93 in the GRE PSR-500 User Manual
During the power-on sequence (after you turn the scanner off and then back on), you'll see the welcome message. When the welcome message comes up, you press:
0, then 1
Destructive, clears working memory and resets all Global settings to factory defaults. Does not affect V-Scanners.
OR
0, then 2
Destructive, resets all Global settings to factory defaults. Does not affect working memory or V-scanners.
OR
0, then 5
Destructive, executes EEPROM memory test, then clears working memory and resets all Global settings to factory defaults. Does not affect V-Scanners.
Mike