"Does the entity framework have a memory efficient pattern similar to the SqlDataReader?"
No, the EF makes complete copies of objects in RAM similar to a DataSet and DataRelations, etc, but it keeps them in objects instead. It then also has to keep copies of each of the objects changes (Changesets). Each of those changes are then build up as SQL to update the database if you submit the changes back.
SqlDataReader is a forward only lightweight reader to grab a single row at a time. EF is loading all your answers to the queries into object collections with change tracking on top of it.
Is it suitable for your app? I don't know. If you need fast as possible and smallest amount of RAM then ADO.NET is the only way to go. Any abstraction placed on top of ADO.NET is going to add overhead, memory etc.