Is it possible to set the HOTAS Warthog to thrust reverse?

Yeah, you can. If you use the A32NX Experimental version, you can recalibrate the positioning of the throttle with what you want the throttle in the cockpit would be. So you can set forward thrust to a specific range in your HOTAS, and anything under the detent to be set to Reverse.

He’s using the thrustmaster TCA quadrant here, but the concept should be the same with other thottles with detents. Or even without.