Re reversing a lathe – the manufacturers would not have fitted a reversing switch unless deemed an advantage in use. Even fitted on lathes with threaded chucks (these should not be operated in reverse under load because the chuck can unscrew!). Some cheaper lathes require either reversal of direction, for long travel return after a cut, or laborious winding back manually. As above, non standard (for the lathe) thread cutting necessitates keeping the lead screw engaged at the same setting for the full operation.
I've seen videos of people turning cutters upside down to direct dusty cast iron swarf to a more collectible area (Keith Fenner, for one) in order to keep the mess away from the ways – perhaps not the best practice as loads on the saddle and ways is opposite than designed.
It is a shame, and probably illegal, to not display the electrical ratings. If not in the manual, they shoud still be on the device. A decision of maximum power transferrable can then be made. A soft start motor will draw less peak current at start up, a parameter required to detetmine the excess capacity of the product, compared to normal running. So HP rating is not necessarily the best 'yard stick' for determining the switch's capability. There is a difference between switches and isolators – they are not the same and these reversers should be treated as isolators, something many do not comprehend.