It's not something you can set in your php.ini file, it's an apache directive not a PHP directive. Custom apache configurations are generally handled via a .htaccess file but only some directives are allowed in that file and as far as I know, this is not one of them. Godaddy would have to modify the vhost configuration for your site on their end to enable their directive and I doubt they would bother with that.
Like I said before also, there is really not much point in enabling it. Essentially it just causes apache to do exactly the same thing as what you did in your original post, a DNS lookup on the REMOTE_ADDR. So if you really wanted to, you could just do it yourself via:
$_SERVER['REMOTE_HOST'] = gethostbyaddr($_SERVER['REMOTE_ADDR']);