Hi Daniel and welcome to Speed-Flying.com forum...
To answer your questions
No, most SpeedFlying pilots dont use a reserve, IMO not because they are not required, but because you are normally flying very close to the ground most of the time, so if things go wrong you would have crashed or hit the ground well before your reserve would have opened. Also Speed-Flying harness aren't designed to hold a reserve parachute like a regular PG harness can.
If the terrain or hight you are flying allows for the use of a reserve, emergency parachutes sometimes used are:
UP Profile Light - http://www.up-europe.com/index.php?id=54
Nervures - http://nervures.co.uk/plum.php
and are positioned between the harness/riser karabiners similar to a PG flightdeck.
see photo here
[url=http://www.paraglidingforum.com/viewtopic.php?p=82029#82029]http://www.paraglidingforum.com/viewtopic.php?p=82029#82029[/url]