You say you have reverse but then say you think it is 1/8 forward...I'm guessing you meant reverse. 1/8th reverse isn't much, though whether or not it is right for you is hard to say without seeing your fingers.
Based on your description it sounds more like a wrist / release problem. If the ball is spinning and you have a low track, that is usually a case of heaving a weak wrist at release. This can be caused by a number of things. With your ball in hand, hanging at your side, with your arm relaxed, can you curl your wrist and hold the ball in that position for a count of 10? If not you will need to work on wrist strength, if you can do this then there is something else happening prior to release that is causing you to break your wrist back. The best way to figure out what is going on is to post a video (or see a coach in person).
Edit: Just watched your video that was posted a couple months ago. It's pretty dark and hard to tell, but it looks like at the release you are on the side and slightly on top of the ball. Do you still pull the ball up and let your elbow fly out like that? Or do you have that kink worked out some? Can you post a new video (hopefully with better lighting!)?
USBC Bronze Coach