Does a load reactor eliminate the need for EMC cabling?
The problem running a line between a VFD and a motor (particularly if the line is long) is that the VFD PWM switching edges generate noise which can be worsened by the inductance/capacitance of the cable.  A properly sized load reactor will reduce the high frequency content (slow down the rise and fall times) of the PWM.  I would say that a load reactor without EMC cable would actually be preferable to an EMC cable without a load reactor.