RE: Possible to use HPI Reverse Module
No need for a nitro boat to go in reverse. If you want to back up with a boat, do as suggested above and get a pool toy RC, or other electric with reverse capable ESC.
Another problem with reverse in a nitro boat is the fact that there is no clutch so you would have to from forward to reverse at an idle which would probably chew up any gears you had in the transmission.