Well I did some tests (inside the house) and it doesn't look like it degrades much if at all, thought it's hard to hold 3 things at once and keep it steady .

The light coming out of the lcd is coming straight through so there really shouldn't be any effect. Then when it's bouncing off the other piece, it's not passing through it so again, shouldn't degrade the picture.

FYI, you probably could use any plastic for the reflector and not the privacy screen, I just had two pieces with me, so I used it.

I'll get some pics with a signal on it in the next few days (who knows, maybe tonight).

Another thing I'm thinking is about grabbing a Gamebody SP advanced maginifer screen. They're dirt cheap on ebay and just about the right size for the nitemax. For ~ $5 shipped, seems worth a shot.