reverse order - no, just scroll down on the right to the next song position for play order to be the same as enter order.

choose your list - with the Mode in SD Song Medley screen.

go - press Start in SD Song Medley screen.

each list - 20 songs in 3 user lists, but the 99 folder lists are all separate.

song = file with sequencer contents, even if the sequencer is just a control track which remains silent while you play your setup. Thus as first explained it frees up the Favorites for style setups, but for those you can arrange customs and/or panel banks, and have alphabet load etc too.