A B727 PIC RPT ON THE OVERBOOSTING OF #2 ENG DURING REVERSING PROC BY FO WHEN ON ROLLOUT AT MDW; IL.

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FO WAS FLYING; #3 ENG REVERSER ISOLATED; OUR CALCULATIONS SHOWED US VERY NEAR RWY PERFORMANCE LIMIT FOR LNDG. THESE CALCULATIONS INCLUDED #3 REVERSER INOP. FO MADE BEAUTIFUL APCH; RIGHT ON SPD AND PATH; NICE FIRM TOUCHDOWN IN TOUCHDOWN ZONE (WELL DONE!). HE SELECTED REVERSE ON ENGS #1 AND #2 PER THE COMPANY MEL PROCS. ENG #2 SPUN IMMEDIATELY INTO EXCESS RPM AND AN OVER-EPR CONDITION. ENG #1 SHOWED LITTLE RESPONSE THOUGH REVERSE LEVER POS WERE SYMMETRICAL. ENG #2 PERFORMANCE HAPPENED SO FAST THAT THE FE; WHOSE FUNCTION IT IS TO MONITOR REVERSE PERFORMANCE DURING LNDG; DIDN'T HAVE ANY OPPORTUNITY TO WARN OF THE COMING ENG EXCEEDANCE BEFORE IT HAD HAPPENED. CONTRIBUTING FACTORS ARE TURBULENT CONDITIONS ON APCH; SHORT RWYS (FOR A B727!) AT MDW; DEGRADED LNDG PERFORMANCE BECAUSE OF ACFT MECHANICAL CONDITION; BUT PRIMARILY; IN MY OPINION; THE MISRIGGING OF ENG #2 REVERSE LEVER. PRECEDING CREW MENTIONED NOTHING ABOUT THIS CONDITION AS WE RECEIVED THE ACFT FROM THEM AT DFW (NICE LONG RWYS) THOUGH A MGMNT PLT I SPOKE TO LATER SAID HE HAD 'WRITTEN (THE ACFT) UP' 2 WKS PRIOR FOR THE SAME CONDITION.