Sharing Apple Watch 7 cellular with my wife (she has her own iPhone and Apple ID)?

I'm thinking of buying Apple Watch 7 cellular and sharing it with my wife, i.e. I use it part-time and she uses it part-time. We don't plan to use/wear it full-time so hoping we can share it.

I'm planning to use the Watch 7 cellular at the gym, leaving iPhone home (or in locker), so I can do phone calls, texts, and listen to music. Similar usage for my wife. We don't go to gym together so we can take turn using the Watch.

My principal question is once I paired the Watch to my iPhone (so I can make calls and texts via my phone number) can I unpair it and pair it to my wife's iPhone (so she can make calls and texts via her phone number)? We're looking to do this at least once a day. And if it's possible how much of a hassle is it? And is there any aha or gotcha we should know about? Thanks.