You mean whether a caster can use the Reach Spell metamagic on the spell Spectral Hand?
Yes.
The Spectral Hand is then able to deliver your touch range spells at an even longer distance.
Yes, you could use Reach Spell to make the Spectral Hand operate up to Long Range (400ft +40ft/lvl) if you wanted.
Keep in mind you are metamagicing spectral hand, you no longer need to metamagic any spells that you will use with spectral hand afterwards.
If you use Reach Spell on Shocking Grasp, it would no longer be a Touch range spell, but would become a Close Range spell for +1, Medium Range spell for +2, Long Range spell for +3, and then would also require a Ranged Touch attack.
Let me clarify...My mage has Spectral Hand cast then Applies the Reach Meta when he/she casts Shocking Grasp (for example). Can the "Hand" then touch the target from a distance, thus staying out of harms way?
No.
As Ryze Kuja said, if you apply that metamagic to Shocking Grasp, it's no longer a spell with range touch, thereby the spectral hand cannot deliver it.Shocking Grasp could only be delivered by yourself, at range, and it requires a ranged touch attack, which is something entirely different from having a touch range.
Except your spectral hand allows you to deliver a touch spell, still as a touch at range without even using the reach metamagic. If you really want to deliver a touch spell at long range (instead of the normal medium afforded by spectral hand), all you have to do is cast reach on spectral hand and then cast any touch spell normally.