Officially, no. Once you put the bracelet on, it can't be taken off unless cut. Unofficially, though, if you cut it off, you can bring it to the front desk and get it replaced. If you originally place it on very loose to take it off to transfer to someone else, you risk the chance of losing it, and I believe they said it is $50 for a replacement bracelet. Another option would be to pay an extra $50 for another person to be added to your room so that they can get into the waterpark.
Yes
The bracelet is used as a room key, parking ticket, and credit card. When I go to park, the staff only checks the bracelet. I don't see them scanning it. So if you don't mind people using your credit card, it's all good.
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