That depends on what the "it" is that you want to restore, and it also depends on what you mean by "a single operation". Assuming that you want to be able to restore the original initfs, the answer is "Yes, sort of."

The initfs_flasher folder contains files called "flash_eraseall" and "nandwrite", which are programs that can restore a previously backed up initfs. (They can also restore a rootfs to the internal flash, among other things.) The restoration requires two command lines (or four, if you include a "cd" and a "sudo gainroot"). You could combine these in a script that you could run as a single operation to restore your initfs. I have not done it this way myself, so I shall leave it to you to research further details. "flash_eraseall" and "nandwrite" are two programs from a collection called "MTD Utilities".

I have used the 0xFFFF flasher to back up an existing initfs and to install another, including installation of one that had been previously backed up. (0xFFFF uses scripts involving MTD Utilities, and so it is more or less the same thing as the method described above.) 0xFFFF must run on a separate Linux computer from the one whose initfs you want to change. This second computer could be another Nokia Internet Tablet capable of acting as USB host. There is only one command line required, but there are various other steps, such as activating USB Host Mode, attaching the two computers, and switching on in "flashing" mode. You might or might not consider this a single operation.