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What would happen if I paid the CP to put a unit into strategic reserves but then also paid the cp to target that unit with Cunning of the Wolf? Would I only be able to arrive using Cunning or would I have the option to arrive either via either? Can I even target a unit with cunning if it has already been placed in strategic reserves?

I thinks thats possible, but why would you want to do that ? Outflank is better than strategic reserves. Its within 6" from any battlefield edge, whereas strategic reserves has limitations from which edge you can arrive, depending on which battleround it is.

Mostly it was just a thought experiment but as far as practicality goes strategic reserves allows you to setup within 9" of an enemy unit if in your own deployment zone and Cunning does not.

Why would you even do this? That would be paying twice to keep the unit off the board during deployment. If you are going to use Cunning of the Wolf, use it instead of Strategic Reserves.