Well, I got it to work. I saw the action 'animationreverse', and decided to trim the animation to 60 frames to better control it with scripts. I didn't have any luck with animationreverse, but got it working with this.
:state=0:state=1
:state=1,plrdistwithin=500:state=2
:state=2:incframe=0
:state=2,frameatend=0:state=3
:state=3,shotdamage=1:decframe=0,state=0
So basically, when I get near the target it pops up, if I shoot it it goes down.
However, it pops up to slow, and doesn't go down after being shot for about a second, so I'm going to work on 'etimer' and 'setanimatespeed' and try to fix that.
[EDIT] So I realized, when I was testing the script above, I would approach target, move back to make sure it stayed up (which makes no sense logically) and shoot it. What I didn't realize, was that I was moving out of the 'plrdistance' condition. When I just stood there and shot, nothing happened. So I went back to the drawing board and came up with this.
:state=0,plrdistwithin=500:incframe=0,state=1
:state=1,shotdamage=1:state=2
:state=1,state=0
:state=2,frameatend:decframe=60,state=0
It works, but there is a slight delay after you shoot the target, and then it slams down. This is very challenging, and I have a new respect for scripters!