Probably not, Python's reload has its fair share of caveats. There was an effort in Twisted to provide robust reloading support for Python modules[1], but I think it's a bit abandoned.

That being said, we are using reload() with manhole to update code. You just have to be extra careful and know what you're doing.

[1] http://twistedmatrix.com/documents/11.0.0/api/twisted.python...