Hello

First of all NO  there is no way of reversing the MySQL password function 
since it is a hash not an encryption.

I think the real problem lies in your concern for security. Why hash the 
password or encrypt it in a database when you are sending it over the 
internet per email?
A better way would be to resend a new password and make em change it or 
even better give them a passphrase that enables them to reenter a 
password. A question that only they can answer or something like that.
The only real save way ot resend a password would be to encrypt the email 
with your private key and make your public key available to them for 
decryption. In my opinion this would be an effort not worth it. 

I favour the new password change immediatly case.

Regards
Stefan

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