Yes. The only thing that determines which direction it runs is how you set the ignition timing.

However, you might have problems with the right hand thread crank nut coming loose. Depends on what you are going to do with it. Be very careful if you are going to put a propeller on it, as the engine pulses will loosen the right hand thread nut when running reversed, causing the prop to fly off. I haven't done a Homelite before, but on a couple of Echo engines that came with left hand thread cranks, I cut off the threads, and drilled and tapped the crankshaft for a right hand thread stud. You could possibly do this, but for left hand thread in your case.

McMaster Carr sells left hand thread taps.

AV8TOR