I haven't had the need to do so, but a reset could come in handy for the ArchMage if one of the Mages makes a boo-boo and assigns FE to the wrong archive. Or have I been misreading perks and FE points all this time?
My FS max'd out the Spire Archive at L10 so we could get an occasional Gold Spire. The other archives get preference in the order Tournament, Advanced Help, and Knowledge Sharing last. If for any reason we wanted to change this priority order, we could reset and reassign the FE points accordingly.