If both my spouse and i are NG and going to college, do we both get BAH?

Only when you are on active duty. If you both are on active duty at the same time, the highest ranking member will get BAH with dependents, the other will get straight BAH.
If you have already completed IET and you are MOS qualified, you do qualify for GI Bill for Select Reserve, which is $439 a month currently for a full time student. Most of the states off some form of tuition reimbursement, check with your unit. Then you get your normal IDT pay per month.