is this possible with the software?
Can you be a bit more verbose, I don't understand what you are referring to…
well, i would like to click a button and have the video (or a segment of the video) play in reverse at speeds which could be set on the slider (percentage). regardless of the speed of playback, it there a way to play video in reverse?
Yes, you can use the menu Motion > Reverse… then you can do whatever you'd do with a normal video.
The menu is only active when the segment is sufficiently small to be held uncompressed in memory (relative to the Working Zone memory settings in the preferences).