Would a similar suit by Pelosi also be theater to you?
However, suing everyone and anyone else (as Paul seems to have done), isn't.
So what Paul has done is a little political theater and a little practical. If Polosi had done the same thing, the result would be the same.
As a legislator though, it seems the far more practical way of ending phone surveillance would be to draft a bill making it explicitly illegal.
And the Fourth Amendment was intended for exactly this case. One of the last actions of the English which precipitated the American revolution was a general warrant issued in a secret court in England which gave English soldiers authority to search any American's home at any time without any reason for suspicion.