The whole point of this exercise is to get away from the word dilution as it has a pretty bad stigma in many people's mind. It seems the general opinion is somewhere between, "yes the reserve pool should be included in supply" and "No it shouldn't because although they are real (they can be counted) their existence is already factored into the outstanding, i.e not DAC owned, supply."
If the shareholders decide to fund work for the DAC by spending from the reserve pool, and the shareholders own the DAC, it isn't dilution IMHO because no shares were created or destroyed. To be dilution they would have to be newly minted shares of an arbitrary amount. The market does not live with the specter of an unlimited number of funds suddenly being released onto the market. As JonnyBitcoin said it's already factored in as a known quantity.
Since the reserve pool is DAC owned and shareholder controlled the inclusion of them in the published supply shouldn't affect market price since they cannot all of a sudden flood the market any more than they can now. The big difference is "those in the know" understand they are there and the average trader does not.
It is my position that including the shares in the published supply would better illustrate the DAC's ability to fund itself, give a more accurate and public picture how many BTS actually exist, and take some of the political drama out of the DAC paying for work from the reserve fund.