I say no, but not for liability, or legality reasons. Simple finances.
Let's suppose you want to load up 100 rounds of 38 special lead bullets. STORE-BOUGHT lead bullets, because casting them yourself would put you farther behind the eight-ball.
A hundred rounds of lead 38 bullets gonna cost you at least ten bucks. So that's 10 then. Primers? Another 4. That's 14. Powder? Powder's cheap. Let's say 3.5 of Bullseye (because that gives you an even 2000 rounds per pound) at 20 bucks a pound makes a penny a load makes another dollar. Now we're at 15 dollars for components.
How much you figger to charge? I can find the cheap stuff running 15 to 20 bucks for 50. That makes 30 to 40 per hundred. Now, if it was me, and I could buy factory for 40 a hundred, and someone wanted to charge me 35 a hundred for reloads, I'd buy factory. So I don't think you could get away with more than 30 bucks a hundred.
That's 30 gross, minus 15 parts, leaves 15 dollars for your labor. From startup to clean up, it is going to be at least two hours on a single stage press.
I wouldn't do that for somebody else for 7.50 an hour. Just ain't worth my time.
Now, if someone wanted 375 H&H, and they wanted several hundred, I could make some money. With high-dollar bullets for less than a dollar each, I could probably make them for less than a buck and a half each, and since store-bought runs around 7 or 8 dollars, each, I could charge 5 dollars a shell and make money, and they buyer would save money. That's because it's not a common round.
You might could make money making 454 Casulls, or 500 Smiths. But you're not going to make anything do 40s.
Your friend would be happy. He gets his ammo cheap. But once you realize you're reloading for other people and charging 2 bucks an hour for your time, you won't be happy.