Does anyone know if this tool allows you to select a particular verse or verses for reading and also has a replay button so a person can replay the selected verse or verses over and over?
You select the correct place in your Greek NT, and it starts reading from there and keeps going until you stop it. There's a little slider you can drag back to the beginning of your chapter if you want to repeat. You can't get it to automatically repeat, though.
Not really. I often record the verses from the Greek audio NT that I want to repeat. For example, if I am trying to memorize a verse in Greek, I save it as an mp3, and listen to it on my iPod while I walk, etc. but it is not convenient to repeat a verse inside Logos.