I know that the steering is adjustable up and down, but is there any way the steering can be adjusted for reach (in and out)?

Depends on what year your car is. It is my understanding that the 2nd gens 2007+ have the telescoping wheel while the 1st gens do not...

I used to have a Classic mini years ago and it was possible to loosen the bolts on the steering rack, then lower or raise the steering wheel by using a ready-made bracket, then tightening up the steering rack bolts.
Just wondered if this was possible on a 1st Generation R53?