There was a bug in Vegas 4 & Vegas 5 where when you reversed the video, the field order flipped and you got juddery video. This was fixed in Vegas 6.
If this bug has somehow been re-introduced (although that seems unlikely because I think people would be reporting it), there used to be two fixes.
1. If only part of a given event is moving backwards (because you used a velocity envelope), then cut the event at exactly the place where the motion goes from forward to backward (and vice versa) so that you have an even that only has backward motion. Then, right click on the event, select properties, and on the Media tab, change Field Order from upper to lower (or vice versa).
2. Another "fix" which actually shouldn't work, but in the older versions of Vegas DID work (I don't know why) was to add a supersampling envelope set to the lowest amount (1). You have to enable the video bus to do this. Supposedly supersampling does not affect video, and only affects things which Vegas itself generates, but in older versions of Vegas it apparently did something internally to Vegas so that the field reversal didn't happen.
I prefer solution #1. See if it works for you. If it does, you should report this to SCS as a bug, using the link at the stop of this page.