No. Reverse Trap does not affect anything that 'doubles', 'halves', 'reduces to 0', or otherwise sets an ATK to a specific value. It can only affect things that specifically say to 'increase by X' or 'decrease by X'.
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It is limited(you can use 1) but not totally banned.
A/S-TEC Pegasus or DarkNite.Heishin will also give you megamorph, but it is extremely rare from him.Note: A/S-TEC wins are by making the duel last as long as possible, so the opponent has little or no cards left in his deck (you automatically win if your opponent runs out of cards)
A card's continuous effect will be applied before players can activate cards like Trap Hole. That means potentially Muka Muka will be summoned with a high enough ATK to allow a player to use Trap Hole to destroy it.
Get A or S-TEC against Pegasus. You can do this by making the duel last as long as possible (make him have as few cards as possible in his deck)
The effect activates first, and you are actually chaining Trap Hole to that trigger. Trap Hole will resolve first, but it will not stop the monster effect from resolving. Unless a card says it negates a monster's effect, then it is still able to resolve its affect when flip summoned.