Yes, I agree with Line6Miller. You really need to "time" the pushing down of the TAP and Model Select knot to initiate the reset.

I've found it easiest to push the TAP down, hold it but quickly push the Model Select afterwards... but not too long. So, like: TAP (keep holding) and quickly push the Model Select.

You should then see a screen message saying "RESET: Reset to Factory? Are you sure?"

Then, push the TAP + Model Select simultaneously. You won't see anything happen for a few seconds, but if successful, you see a "yellow" Tube Comp FX1A appear again.