Changing the configuration of the cold neutron source during an extended shutdown of the Swiss Spallation Neutron Source (SINQ) at the Paul Scherrer Institut is being considered for improving performance of the instruments that use the cold source. Proposed plans include making the REH external (ensuring that it is not filled with liquid D2) and using a REH that has been optimized to provide maximum gains between 3 and 6 Å. The optimization study was done using the MCNP Monte Carlo particle transport code, but was made tenable by developing a quick flux reconstruction technique that allows the neutron guide reflectivity to be approximated and accounted for in the optimization figure of merit. Ultimately, a wedgeshaped REH that penetrates the D2 volume to about 4 cm from its center was determined to be optimal, and should provide an average gain of 24% from 3 and 6 Å and a peak gain of 29% at 5.5.