I'll admit I didn't read the post, but will say this much...we have done gift exchanges in the past where you find something in your home you no longer want or need and "re"gift it to someone else. I have even done this when it's not the suggestion at the pre-gift-giving selection of names or what-have-you.
Heck, we got LOTS of "STUFF" that is in excellent and/or mint condition. I see no reason why it can't be given to someone else.
Just as long as you remember who gifted to you in the first place.