Understanding under what conditions it is possible to construct equivalent ensembles is key to advancing our ability to connect microscopic and macroscopic properties of nonequilibrium statistical mechanics. In the case of fluid dynamical systems, one issue is to test whether different models for viscosity lead to the same macroscopic properties of the fluid systems in different regimes. Such models include, besides the standard choice of constant viscosity, cases where the time symmetry of the evolution equations is exactly preserved, as it must be in the corresponding microscopic systems, when available. Here a time-reversible dynamics is obtained by imposing the conservation of global observables. We test the equivalence of reversible and irreversible ensembles for the case of a multiscale shell model of turbulence. We verify that the equivalence is obeyed for the mean values of macroscopic observables, up to an error that vanishes as the system becomes more and more chaotic.