I actually really like the Reynaldo episodes in general... just not this one. The Documentary one was a great parody, the Lighthouse one gave him some much needed characterization (and Lars too), and the original conspiracy episode was surprisingly dark (especially now that we know Reynaldo was right about everything.)
That said, what I'd have preferred is basically what they did with Lars: a day in the life of Reynaldo and Peedee, basically showing how miserable both of them are and that this conspiracy stuff is really just Reynaldo's way of dealing with it.