im going to give you some logic here.
im assuming u know how to restore an ipod touch, iphone in general. if not search it
because every time u connect any of apples devices to itunes it will sync and backup the settings etc.
when you restore it it ill ask if u want to restore from backup, if it lets you restore from the backup of your iphone then u can do it if not then u cant.
next if u do it and something goes wrong, but the option was available using itunes ( meaning apple let u do it) im sure if u explain to an apple store employee that this was your rational then they will replace it.