Your machine could have reverse added to it, but it would not be cheap. Reverse is mechanical on your sewing machine, so it's not a question of reversing the motor, it's not done that way.
If you have a clutch motor on your machine, you would only be able to slow it down by putting an AC variable speed control on it or do it mechanically by putting a smaller pulley on the motor. The speed control would be expensive, and you would be better off to put a servo motor on the machine.
Here is the manual for your machine, but threading is hard to see in the diagram: http://parts.singerco.com/IPinstManu..._W154_W155.pdf
Look at this thread for a picture of how to thread the machine: Picked up a Singer 111W153