This lift is usually only done by lifters that have a very long wingspan and have a very large ROM. Also, a close grip is most often used when doing this lift. This will give you a longer press which will allow the bands to become more involved.
The reverse band 5 board press is one of the best ways to increase your lockout strength. Along with the 4 board press, these lifts are great for those that wear bench shirts and need to increase their lockout strength. These lifts are not bad ideas for raw lifters; it will allow them to train with heavier weights.
A strong or average band is used for this lift.
As said before, a closer grip is generally used for this lift.
This is generally done for 3-5 sets of 3-5 reps, although higher reps (6-10) have been used.
This is a great lift to do after you reverse band press as you don't need to alter/change the reverse band set up.