The tumbler reverse is for reversing the leadscrew relative to the direction of the chuck, and also for disconnecting the feed on lathes that don't have the clutch that a Drummond has. This allows feeds away from the chuck and left hand threads. Neither of these is required all that often so it is not an essential item and can also be achieved by putting an extra gear in the gear train, just a bit slow for those always in a rush. A slight advantage of using it for disconnecting the feed as its position means the gear train is also not turning needlessly which is quieter.
It would be possible to use the Myford one but it probably has different pitch gears. This is not uncommon on TRs but you then have to arrange extra gears to suit.