The danger of running the spindle in reverse is that all of the Atlas machines have a threaded spindle. So if the torque required to turn the spindle is high enough, the spindle chuck will unscrew itself and fall onto the bed. So with a threaded spindle, you never perform any cutting operation in reverse. However, if you properly seated the chuck against the register or shoulder at the back end of the spindle threads, it will take significant torque to break the threads loose in order to remove it. So after 40 years of routinely engaging reverse whenever I needed to, I have never had a chuck start to un-screw itself.
The two operations that routinely require running the motor in reverse are OD grinding with a tool post grinder and cutting a metric thread. In the latter operation, you MUST remember to back the cutter out clear of the work piece before starting the motor in reverse.