Sure it’s possible, and it’s really not that complicated.
As far as the helix goes, the point where you marked the ‘X’ is not a reverse loop; the track simply folds back onto itself without any reverse polarity.
You do have a reverse loop where the figure 8 returns to the main track. As you move down your diagram from the helix, the first turnout on the left and the first turnout on the right cause reverse polarity where the divergent tracks re-enter the main track. If you are confident that only one train will ever be on the figure 8 at any one time, you could treat the entire figure 8 as one reverse loop and place gaps in the rails at the ends of the divergent tracks where they lead into the figure 8.
Just be sure that the entire length of the figure 8 is longer than the longest train that might enter the figure 8. I can’t tell from your diagram whether the figure 8 is an over-and-under or a 90 degree crossing. If it is a 90 degree crossing, then the longest train will be shorter than the reverse loop; otherwise, the train would run into itself.
Rich