Yes you can set the reservations for the VMs and once done you can remove the reservations as well but if the VM runs in HA cluster then you have to take into consideration below advised points.
Failover Capacity is determined using a slot size value that is calculated on the cluster. Slots are calculated by a combination of the total CPU and Memory that are in the physical hosts.
some of the workaround/way to fix it.
• Set the “Allow Virtual Machines to be powered on even if they violate availability constraints” in the configuration of the cluster. In this case it ignores the aHA calculation and will try to power on as many VM’s as possible in case of HA failover. If this is the option chosen you can also set restart priority in the ‘Virtual Machine Options’ section of the cluster configuration. This way any high priority VM’s are powered on first, and then the lower priority up to the point where we cannot power any further VM’s on
• If you have one VM which is configured with a very high amount of memory, you can either lower its configured memory, or take it out of the cluster and run it on any other standalone ESX host. This will increase the number of slots available with the current hardware
• Increase the amount of RAM on servers so that there are more slots available with the current RAM reservations.
• Remove any CPU reservations on any VM(s) that are greater than the max speed of the processors in the hosts.