The instant reverse fail problem could be caused by the .NET dll is depending on some other library which is not provided during reverse. Please make sure you have provided all related library for the instant reverse.
For the grayed out item problem, could you mind send me a screenshot for it? And if possible, could you please send me the vp.log file for investigation? You can find the vp.log file under %VP Suite Installation dir%/visualstudio directory. You can send it rain@visual-paradigm.com or through my private message.
I guess you problem is due to the .NET Instant Reverse options being disabled. You can enable it from the menu Modeling > Application Options > Instant Reverse and then switch the .NET option to Enabled. Please let me know if the problem still persists after setting the options.