Only if you ignore the physical ink pads. If your waste ink pads are completely soaked, resetting the counter just tells the printer “the pads are empty” – but they are not. Ink will leak within days.
Ethically, the grey area is clear: If you own the printer, you should have the right to repair it. Many countries (like the USA with the 2021 copyright exemption for “repair of consumer electronics”) now allow circumvention of DRM for repair purposes. However, that does not make distribution legal—only personal use might be defensible. canon service tool v5510 download