I really don't think it will hurt it to re-rack, settle and re-bottle
as long as you don't do a lot of splashing. I had a Riesling that I
wanted to give mostly a gifts that I did this exact thing to and it
still got great reviews.

I should point out that I didn't redo the bottles I planned to drink
myself. I don't think a little bit of sediment will be a problem if
the appearance doesn't bother you or your giftees.