It would still work. But it is VERY dangerous. 1. The far end of the light string will now have exposed metal prongs that are energized at 120v, which can be fatal. 2. If the other end gets plugged into a socket, there is a 50% chance it will be a different circuit on a different phase, which can create a 240v direct short, across a wire that has no properly sized circuit breaker. 3. Using it to plug a generator into your house during a power outage can kill electrical workers trying to fix the outage if you fail to open your circuit breakers.
In AC, diodes work half the time, every 1/60 second. The “good” LEDs will have circuitry to fully rectify the AC into DC, drop the voltage properly, and smooth the peaks and valleys, so they will be continuously lit. So the cheap LED Christmas lights might have a slight flicker, and the good ones are steady. (Or get fancy with chasing colors, etc.)
All of that happens inside each of the “bulb” enclosures, or sometimes in a box at one end, so it technically doesn’t matter which end they are getting electricity from, since the socket at the far end is still just connected in parallel to the plug at the near end. (Otherwise you wouldn’t be able to link them together.)
It’s just a really bad dangerous idea to reverse them.
