Damage per turn, no matter how small (but preferred a LOT), works really well with Rakdos, Lord of Riots, and Mogis is often included in his deck list. So yes, I think spectacle definitely has a place in EDH, especially if cards like Neheb, the Eternal exists. Remember Subversion too.
Pestilence and Pyrohemia are options. If you're adding green or white, you can use Necra Sanctuary, but if you're in red, there are a lot more efficient ways to do that. Any Tim is useful.
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Card advantage is not the same thing as card draw. Something for 2B cannot be strictly worse than something for BBB or 3BB. If you're taking out Swords to Plowshares for Plummet, you're a fool. Stop doing these things!
Is spectacle a resonable ability to try and use in EDH?
Meeting the requirements for Spectacle is trivial in EDH. Spectacle can be considered all upside when evaluating the card.
Many of the Spectacle cards aren't really good enough to cut the muster in a Commander deck, but as Lithl says, the conditions for spectacle are so trivial that the good cards definitely have a place. I will be running Light Up the Stage in some decks, including Rakdos, Lord of Riots
Just like the unleashed mechanics, there isn't enough high impact spectacle cards to really focus on them. I may run light up the stage in a mono-red storm deck I have, and rix maadi reveler in my lyzolda worldgorger dragon list, but these are fairly uncommon and unusual decks.
I think spawn of mayhem may see the most play in various black/whatever aggro builds.
Yeah, I am not interested in spectacle as a whole, just wondering if I can make it work consistently enough to use light up the stage and theater of horrors every turn, but I might not have enough creatures to do that.