Is it possible to reinstall Mac OS X so that the buyer will get the whole 'Welcome' video on the first boot? I am currently reinstalling it from the disk, erasing and installing. Will it do that that way? Or is there something else I need to do?
Yes. Easily. You can install OS X, then when the welcome video plays and it asks you to create a new user, press cmd+Q. Then you can shut down the computer and the next time it turns on, it will welcome the new user with the same intro.
Or...
If you want to install updates or software first, you can do this in a temporary user account and then delete the user in terminal. The next time it starts up, it will go through the welcome and new user setup screens, but the software you added will be already be included.