Sephiroth twirling Reno's ponytail in his fingers and going "Hello, Monkey~"
(I guess technically that would be Reno's monkeytail...)
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Sephiroth twirling Reno's ponytail in his fingers and going "Hello, Monkey~"
(I guess technically that would be Reno's monkeytail...)

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I think that whatever went down between Reno and Sephiroth, one way or another Reno would end up as Sephiroth's Littol Creachur.
Given the obvious influence of Sun Wukong on Reno's character design, I like to think that Sephiroth would nickname him "Monkey."
Here are my headcanons/impressions of how Sephiroth/Reno would work.
(Note that I'm not the most well-versed in FF7 lore, and to a certain extent I'm just kinda going on vibes.)
Reno crushes hard on Sephiroth, because Sephiroth is Tall and Pretty, and also because Reno can pick up on Sephiroth being pretty calm by nature. Reno's always been energetic and fidgety, and he's got plenty of experience with people who won't tolerate that kind of thing vs. those who will, and he subconsciously gravitates toward those who won't find him bothersome.
However, consciously he doesn't quite recognize that this is what he's doing, and part of him is convinced that Sephiroth is going to be incredibly strict, because high rank = strict asshole. So he also finds Sephiroth pretty intimidating.
When they actually interact in person, Sephiroth is calm and relaxed. Sephiroth likes Reno because he's a silly little goober. It's very easy to relax and let down his guard around him.
Reno's completely besotted. He experiences feelings he hasn't felt since middle school. "Doodle our names together in glitter pen" kinda feelings.
However, Sephiroth is 1. aro-ace*, and 2. doesn't feel like Shinra would ever let him have that kind of thing. (They probably wouldn't.) So Reno's fantasies are dead in the water.
That said, Sephiroth does love Reno. A lot. He wants to be physically affectionate with him (like giving him hugs and stuff - I think Sephiroth would like physical touch), and wants to be emotionally supportive. Like if Reno had a bad day at work Sephiroth would listen to him vent and give him a hug.
I think Sephiroth would also feel inclined to shower Reno with the kind of attention/care he never got. He'd be able to pick up on small signs of emotional trauma, and he'd want to do something about it. They could run into trouble if Reno either can't make peace with Sephiroth not particularly wanting him Like That or if Sephiroth doesn't eventually go "hmm I like him enough to give it a whirl."
If things went well and if they were left up to their own devices (like, didn't have to worry about Shinra), they'd be incredibly affectionate with each other all the time. Ridiculously so. (Someone like Cloud would probably find them absurd!)
*I know Squeenix has gone with "Sephiroth wants to wife Cloud sooooo bad" but Sephiroth gives me such massive aro-ace vibes I feel like I'd be a fool to ignore them. I can kinda only believe Sephiroth wants Cloud in a chaste Daoist monk kind of way. Also I know they tried to Norman Bates him up, but I can't read his thing with Jenova as sexual, at least not based on the material I'm familiar with. (There's a Certain Focus Dynamic here that gives me a strong impression of, and it's got nothing to do with sex.)
More Renoroth
Renoroth (Renoseph? Sephreno?? Idk), Aka the most one sided crackship you'll ever see
Okay there's all the normal art

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