Unless I'm mistaken, excess Frax is used to mint Staking Rewards. I believe aDAI is still considered part of our Runway as it's just yield bearing DAI at 1%. However, I'm not sure we should considered Convex Staked fraxCrv as part of our Runway. Trading Fees are paid in Frax so you can argue that it extends runway, but those fees are only 0.45% and Convex takes 16% of that in fees so we're left with 0.38% in Frax denominated trading fees. Hardly enough to justify the risks and, in my opinion, not enough to justify being counted towards Excess Reserves. What this misses is the CVX, CRV, and FXS rewards we would receive, but Stakers wouldn't see those benefits directly as they increase Intrinsic Value and not Runway.
All that said, I would be For this proposal with some modifications. I don't think we should consider any Frax we use for this proposal as part of Excess Reserves, which means we'd be spending our Runway. If people agree with me on that then we should make that clear in this proposal. I also think we should highlight that this would gain us Frax Governance Token FXS, which would give us more of a voice in governance and/or could be staked in Frax to earn further yield.