To reproduce it just do the following:
1. switch to reverse mode
2. select tape delay mode
3. as soon as I decrease the tape age knob the delay sound changes to a kind of bitcrusher. Additionally the delay sound changes from reverse to normal. At 0% tape age the delay is complete forward sounding and the bitcrusher sound is gone.
As I remember correctly a tapedelay sounds different

This bug appears in both the 32 and the 64bit version of Bloom
Hope you can fix this.
greetings
Wolfgang
my system:
Intel Q8200/RAM 4GB/Win7-64bit/Reaper 4.402/Bloom 1.01 build4/Cubase SX2