Philip,
Congrats on the Boxster S!
My US Spec 01S has the electric release for the boot & Bonnet as well
My car engages reverse with no major issue, I think there should be some resistance
I think there is a valet key in addition to the 2 main keys, my car did not come with it either.
Did you get a pre purchase inspection on the car??
Cheers!
Marc