"What is the worse case if you reverse the two?"
Depending on what it is used for....
POTS Plain Old Telephone Service, odds are it will work fine, maybe some distortion.
PBX or KSU may not work, and might wreak havok on the system as a whole, and possible damage. (Can make an office sound like a casino on some systems. Bells and whistles and flashing lights.
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Same with many digital signals if sent on the pair...may not work, and might wreak havok on the system as a whole, and possible damage.