Yes, but...
Probably the best way to set up an FC for an airplane is to get the airplane flying and trimmed out without stabilization, then with Rate stabilization, then finally with Attitude mode stabilization. Attitude mode is what you want for your panic button and it will quickly level it out from any position. You can see that this is a chicken and egg issue if you need the Attitude mode to fly the airplane.
May I suggest that you find a local club and get help from experienced pilots. Also, an RC flight simulator is a good cheap investment. You can get either a universal USB adapter that works with your transmitter, or a USB transmitter joystick box; and then an RC flight sim program. There are several programs that are free.
If you can't find a club and need the Attitude mode, someone here could give you the settings that he flies his airplane with, but they won't be guaranteed to work. I have some Bixlers configured with the most aileron deflection possible without binding and elevator throw that feels like it matches that. I find that they need 2 to 3 times higher roll rate and pitch rate PIDs (0.00800,0.0175,0.000089) than the defaults (0.00300,0.0065,0.000033) as displayed on the Stabilization -> Advanced page (Rate Stabilization). I also use 1.8,0.8 instead of the default of 2.5,0.0 for both Roll and Pitch Attitude Stabilization. These alone may be enough to make it work acceptably. If your airplane is more sluggish than the maxed out Bixlers you may want a bit less PID. If you see oscillation in flight you want less PID (all by the same multiplying factor like say 0.8 ).
I generally leave my yaw/rudder set to manual and thus unstabilized and thus the PID for this doesn't matter. I assume your airplane is 4 channel, aileron, elevator, throttle, and rudder.
limited pitch and roll
Attitude mode will not let you get upside down at all since e.g. full aileron stick commands full aileron bank angle (55 degrees by default) instead of commanding the fastest aileron roll rate.
ArduPilot
I would post in some ArduPilot forums and see what the response is. I honestly don't know how "beginning airplane pilot friendly" it is.