SLOW on my motor which is also a 50 hp Johnson acts as a rev limiter. Up to a certain rpm (below planing speed) the motor will operate perfectly. Once you hit the rev limiter you'll know it.....it'll stutter.
From my read of my manual (if memory serves) Once in S.L.O.W. mode the engine needs to cool back down to 163 degrees AND the engine needs to be shut off (??? is this true ???) and restarted to exit S. L. O. W. mode?