Flame Wizards and Ele Wand 1

No, level 200s still leech, so level 120 cygnuses should still leech.

I don't think elemental wand/staff 1/2 would boost damage when elemental reset is up, but I'm not sure.

If it really doesn't boost damage with Reset (as it shouldn't), this would significantly lower ele wands 1's usefulness. It already isn't needed for Curtaining (aka 70-110), and many popular leeching/ultimate places require for you to use Reset, mainly harps, red wyverns, and possibly crimson guardians. Don't get me wrong, ele wands will still be useful for most everywhere else, but it's very possible to use an ele wand on a Blaze Wizard from 70-120 and never see a significant boost in training rate.

PS: does anyone know if ele wands would work with Curtain to boost damage? I'm guessing it should, though it's still sort of a moot point, seeing as how you'd still complete a full rotation in the same amount of time.