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I was discussing the LSAT with a former colleague of mine and asked whether or not I took a speed reading course. He said that the can would help me read through the test quicker especially in RC section and would also be a great skill to have in Law school for all the reading required. Has anyone ever heard of applicants/students doing this?

It definitely would help if you could read faster, but from what I've heard, most of the techniques employed for speed reading are counter productive for the LSAT. You end up doing some form of skimming.

So, if you go for it, make sure to keep an open mind to discarding large chunks of it.