Yes it would work. On 2 travel days the pass is valid in your country so you can easily go to London and take the Eurostar to Paris, Lille, Brussels,…
There are seat reservations on some trains yes :
- 30€ Eurostar (expensive but still cheaper than tickets). There is a limited number of seat reservations available so book this one well in advance. It can sell out weeks in advance
- limited 10€, then 20€ TGV within France
- Italy : 10€ Frecciarossa high-speed trains, 3€ IC trains (can usually be bought last-minute)
Except for the Eurostar there are always (slower) reservation-free itineraries using regional trains
No need to buy the pass to check availability, here you go :)
Eurostar availability here : https://www.b-europe.com/EN/Booking/Pass#TravelWish
TGV here : https://travel.b-europe.com/Eurail-GE/en/booking-tgv#TravelWish
(4€ booking fee per order on these websites)
Trains in Italy : tickets.oebb.at -> add Interrail as a discount and select one-way tickets (no booking fee)
Some general advice :
https://www.seat61.com/interrail-and-eurail-reservations.htm
https://community.eurail.com/train-connections-reservations-47/how-to-get-reservations-105
Just to clarify book both legs of the Eurostar before doing anything else! Unfortunately it does mean you lose flexibility on your return. Make sure you have read up on the outbound inbound rule if you are travelling on a UK Interail.