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My hs gave out ranks every semester after spring of your junior year, but valedictorian and salutatorian were not determined until 2nd semester senior grades came out in June. As a result, the top 5 people had to write speeches because we technically didn't know who the top 2 would be.
As far as your question about reaches and slight reaches...a reach is somewhere you aren't likely to get in, but you want to try anyway. Harvard, Yale, Princeton, etc. are reaches for almost everyone. For a person with a 1350 (old) SAT, Georgetown would be a reach. A slight reach is in-between a match and a reach. For the person with a 1350, Wake Forest and Carnegie Mellon would be slight reaches.
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