Nyala, Gifted Conjurer

Question : Does the card placed in Reserve count for effects such as Coppelia or Icebound Hollow?

Answer : Yes.

Question : If I echange an exhausted card from my Reserve, does the new card I place from my hand arrive ready or exhausted?

Answer : Ready!

Question : If I have no card in hand or no card in Reserve when I play this card, can I resolve this effect?

Answer : No. You resolve effects "as much as you can", but you cannot do this step unless there's a card in your Reserve and a card in your hand.