Actually, I just went through this. The M1 has no key sequence to bring the instrument back to "default" settings. The folks at Korg were kind enough to send me a midi file that, when played, will reload the box with the defaults. However, and this could be my mistake, I've only been able to get the default programs and combi's, but not the sequences.
Email me and I'll send you the midi file Korg sent me.
j_lauer@pacbell.net