I watched a youtube video of it in tapping mode and it's clear to me that it needs to have a 3-phase motor for instant reverse tapping. And the machine does not automatically reverse- you have to push the reverse button, according to the video
The machine may operate differently with a single phase motor. It might be that the microswitches can be adjusted to stop the motor when the quill reaches a certain depth, then the reverse mode can be selected. I'm not sure, but the motor would have to stop first before reversing.