Hi Jeff,
The answer to your first question is yes. You can publish a mapservice that serves up ArcFM'ified data and enable the Mobile Data Access capability. I've done this before and was able to publish a very basic ArcGIS Mobile app to consume my mapservice.
However, when I was playing around with things, I was only using one box for ArcGIS Mobile, the Mobile Project Center, and the web server. So I can't say for certain if a mobile device would need Object Reader or not. It's pretty simple to test at that point, however. My guess is that you might need to install Object Reader since ArcGIS Mobile isn't browser-only and seems to have some feature-interaction capabilities.
I hope that helps,
-Matt Denton
Telvent Tech Support
[Edit:]
I just got forwarded an internal email actually, which spoke to the second part of your question, answering that you definitively do not need any ArcFM components installed on the mobile device.
