Promote Reinhardt or Effie to 5*?

Effie will be more useful for GHBs and for Arena. Arena scoring works out to still favor armors over other units, even with the new update. If anything, picking Effie first will yield to a higher score which will lead to more feathers which will yield to a quicker upgrade for Reinhardt.

But also, that is an awful Reinhardt to upgrade. +SPD/-HP Reinhardt is just a -HP Reinhardt. The +SPD doesn't benefit him at all.