The result confirmed that Sheffield United will be joining Reading in the Premiership next season and Leeds face the play-offs.
Blackwell, who had received hate mail earlier in the week, was applauded when he took his seat in the dugout and had his name chanted in a demonstration of unity.
There was much more urgency and purpose about Leeds after they were booed off the pitch against Plymouth a week earlier, while Reading were less potent than they had been on their charge to automatic promotion.
Eirik Bakke, who showed some neat touches in only his second start since returning from a loan spell at Aston Villa, went close to giving Leeds a 25th minute advantage with a clever 30-yard lob.
Reading's only threat in the first half came from another American winger Bobby Convey who cut in from the left and saw his shot zip fractionally outside the near post.
Leeds ended their goal drought a minute into the second half when Liam Miller fed Shaun Derry who ran to the by-line and clipped the ball to the near post where Hulse stabbed home his 13th goal of the season.
It was the first goal Leeds had scored from open play in 566 minutes since Hulse netted after 20 minutes against Norwich on March 11.
Hulse then rescued Leeds with a splendid defensive header after John Oster had beaten Stephen Crainey and crossed towards Icelander Ivar Ingimarsson.
The Derry-Hulse combination almost worked again when Derry made a long run and Hulse was only just offside as he took the pass and forced a blocking save from Marcus Hahnemann who was much the busier keeper.
The hard working Hulse left the field to an ovation with Danny Graham - on loan from Middlesbrough - leaving the bench to make his home debut in the 77th minute.
Reading equalised in the 85th minute when substitute Brynjar Gunnarsson sent over a high ball for Ingimarsson to head back into the goalmouth where Hunt bundled it into the net.