Does 1st speed reverse work OK all the time or not..? Your original post says one time it did engage, but does it engage correctly all the time.? If the answer is no you could be looking at a problem in the first speed clutch (Clutch #5 in the powershift).
The neutralizer valve dumps direction clutch pressure. Direction Clutch Forward is #2, Direction Clutch Reverse is #1. Therefore a neutralizer problem would give the same symptoms in all speeds, forwards or reverse.
As WWZ says above, need to check pressures. Neutralizer valve operational check is that P2 should drop like a stone to zero psi when you press the neutralizer pedal, and return to full pressure just as fast when you release it.
These are the pressures you should be getting if the machine is within specification. See photos for locations of pressure taps.
Pump Pressure (Test Point A) - 310psi minimum at Low Idle RPM. 390+/-17psi at High Idle RPM.
Transmission Lubrication Pressure (Test Point C) - 1psi minimum @ Low Idle RPM. 20psi maximum at High Idle RPM.
P1 Speed Clutch Pressure (Test Point E) - 300psi minimum at Low Idle speed with transmission engaged in any FORWARD speed. 370+/-10psi at High Idle RPM under the same conditions.
P2 Direction Clutch Pressure (Test Point F) - 55+/-8psi LESS than P1 at both Low Idle & High Idle RPM with the transmission engaged in any FORWARD speed.