Since tuples are immutable, there is no way to reverse a tuple in-place.
Edit:
Building on @lvc's comment, the iterator returned by reversed would be equivalent to
def myreversed(seq):
for i in range(len(x) - 1, -1, -1):
yield seq[i]
i.e. it relies on the sequence having a known length to avoid having to actually reverse the tuple.
As to which is more efficient, i'd suspect it'd be the seq[::-1] if you are using all of it and the tuple is small, and reversed when the tuple is large, but performance in python is often surprising so measure it!