If you look at the wiring diagrams in the manual I just sent you can see the standard motor is capacitor start. You could arrange a switch to swap the connections to the run or start winding to reverse the motor. You can't vary the single phase motor speed.
I have to confess that I rather butchered my mill to fit a used 3-phase 0.75hp Crompton motor. The VMB standard speed changing arrangement is horrible, so I took the stepped intermediate pulley off and fitted it to the new motor shaft (needed a bush to reduce the bore) as it is pretty well the same sizes as the spindle pulley – mounted "upside down" of course. Then use only a single link belt between motor and spindle. 3-phase transforms the machine, much smoother and quieter and much less need to shift the belt. Reverse comes for free with an inverter. The main use case for reverse for me is tapping – set the inverter to a few Hz, bring the tap down to the work, start the spindle, keeping slight pressure on the tap as it cuts and with my finger on the reverse button. When deep enough just reverse the spindle to back the tap out. Haven't broken a tap yet, even once when I forgot to reduce the speed!