Any chance that the loco that runs fine in forward direction but then "shorts out" when reversed in a consist is actually somehow getting pushed by the other locos in a way that makes some sort of contact in the misbehaving loco? What happens if you do not have the loco in a consist, but put it in reverse and hold it to a stop by letting its coupler push against an immovable object?
Another thought: are the couplers you are using metallic? Could there be a short from one loco to the other when they are pushed together hard enough?
The blinking EB1 does seem to prove that there is a short circuit being created. And, since it doesn't happen when the loco is in reverse but is not in a consist, it does not sound like it could be a decoder problem.