You can indeed rebind and reset the 'failsafe' settings of the 4-in-1.
Personally i prefer to look for a good throttle position first (a slow, around 25% is working for me).

Then turn of the CX2, and the TX, but leave the throttle where you want it!
It is safest to disconnect the motors before doing this!
Now connect the bind-plug to the Batt-connector of the 4-in-1 and connect the battery.
The orange LED will blink like crazy. Now power on the TX, it'll automatically enter bind mode (it always does when powering on, see flashing red LED).
Let it sit until the orange light goes solid.

Now power of the RX and TX and remove the bindplug.
Set your throttle back to normal (4-in-1 won't arm otherwise) and follow normal startup procedure.
Now, get to a safe distance and shut off the TX. You'll see that the blades will spin to the speed you preset during binding.
Turn on your TX again and you'll have control again.