You need a PRV and an expansion tank. Restricting the flow won't reduce the pressure and could induce turbulance, extra wear, and noises. When there's no flow, it doesn't matter whether the pipe is a foot in diameter or 1/8", the pressure is the same. Now, restricted flow might slow it down, and soften the water hammer. Water hammer ONLY occurs when a fast acting valve shuts OFF. If you have noises WHILE the water is running, it is not water hammer. Now, a loose washer on a faucet or other valve can vibrate and quickly turn the water on/off and could be water hammer, but you'd probably notice the flow wasn't consistent. The fix for that is replace the washer or replace the valve - there a lots of valves that no longer have washers in them. If the hammer only occurs in one place, it might just be that the pipe needs to be anchored properly.
I'd first check what the static and maximum pressure is, though. A PRV is typically only needed if the pressure exceeds 80psi, although some people like it lower, and most people's supply is usually lower than that; it depends on how close to the pumping station or water tower you are and your elevation relative to the supply.