Pretty much, YUP! The Casale (and the Nicson, and others for that matter) is an in/out of gear box, as I understand it. If you want reverse capability, and in a pleasure craft, not a race boat, I cannot imagine why you wouldn't, it's going to involve a transmission of some sort mounted on the engine on a V-Drive boat.
I've seen TH350's and 400's mounted, HDrider has a Powerglide, but many options are there. As Tom stated, the "velvet" drive is an expensive option, But a LOT depends on the length of the boat, where the V-Drive location is in relation to the engine, what degree the drive is......etc, etc, etc. as to what you can get away with.
A "whirl-a-way", and correct me if I'm wrong here guys, PLEASE. As I understand it, simply disconnects the engine from the propshaft when engine RPM's drop below prop-shaft RPM's. In other words, you lift, the prop shaft is disconnected (and how is beyond me, I would guess spring loaded pawls engaging an advanced loaded gear which would be VERY HP limiting) .
I know in HDRider's boat, 2nd gear on the Pglide is 1:1, so it runs just like his flatty was originally intended to. He only uses low gear in the NWZ. Dunno how reverse works for him, but IMO, as a safety/navigational feature, HAS to be worth something. Just my .02
Ray