Am I only able to have 1 at once? I mean, can I buy another if I lost mine?

If you got the quest you can buy as many as you like, even for other persons. There is no limitation.
Sadonic (Page/Talk), Seeker of Myth (Page/Talk),
09:25, September 28, 2009 (UTC)

When you take it off, the speed bonus disappears. But what happens if you give the helmet to someone else?
Or the speed bonus only appears if the player equipping it is currently both underwater, and under effect of Coconut Shrimp Bake?
Cykotitan 13:02, March 7, 2011 (UTC)

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