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It’s no dream! Just note that both people have to be on iOS 17 (Or presumably iPadOS 17). I shared to someone not using the developer beta and it doesn’t show up for them despite being added on my end.
I share many of my AirTags with my partner…otherwise she used to get “you’re being followed by some creep” alerts all the time.
 
I had previously purchased an AirTag to track my cat, but I found that it frequently emitted beeping sounds, which scared my cat. Since I couldn't remove the speaker, I ended up buying an alternative to AirTag called "YAOTE Tag" on Amazon. I opened it up and inserted a thin piece of paper between the speakers, preventing it from emitting beeping sounds.
Amazon link: https://www.amazon.com/YAOTE-Finders-Suitcase-Replaceable-Waterproof/dp/B0CZ3J74SQ
 
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It is only possible to remove the speaker, otherwise, the beeping sound may startle cats that are sleeping.
 
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