You can hold down the FF/REW button on the r-1, and it basically does what a "search" button does on a CD. So I think the answer to your question is "yes".
FWIW, I love the R-1, with the limited experience I have with it. The only beefs I have w/ it are:
a) the lack of digi input (I wouldn't use it anyway, but it would be more versatile if it had one...)
b) no sample rates higher than 44.1khz when recording a 24bit wav file.
Otherwise, I think its a totally solid peice of gear.