Hey Bortt,
I personally use range mod but it is a valid point to use reload mod since the Buffalo concealment is not terrible. This does take you knowing the strengths and weaknesses of not only the ship but also the maps. To take advantage of the reload module, you have to be able to get yourself in a good position and sometimes those positions are risky.
Range:
Sit farther back and spam HE if that is your choice, USN HE is just ok so remember that.
You can engage BBs at a longer range and this might help give you time to dodge most of the return fire.
12 seconds is not an eternity but there will be times you wish you had reload, especially when the engagements get closer.
This gives you more flexibility to kite but you have to be able to hit targets with the floaty 203mms of the USN.
Reload:
Risk versus reward, this allows you to fire more rapidly but you have to put yourself closer to the enemy to do that.
Reload lets you punish DDs more if they stray into your radar.
This will allow you to do more damage in that mid-range area than the range mod and if you are fighting at that range anyways most of the battle, why not have reload?
Again, this will all come down to what you are more comfortable with and the playstyle that you have adopted for you. Good luck with what you choose!