I don't know if you read the link, but the guy makes a mention of that too; he is a little short of the awards, which kinda reconciles with my original thinking. But I am kinda swayed to the argument that a lot of the stuff he did was underrated.
Looking at the AS game stuff; he made it in 1990, and then then again till 95. He made 4 times in 6 years between 95 and 2000, which isn't bad, and then never again.
Here are the guard types that made it over Reggie
91: Dumars and Jordan started, bench guys Alvin Robertson, Nique, Hersey Hawkins
92: Jordan and Zeke started, Mark Price, Michael Adams, Joe Dumars, Reggie Lewis
93: Jordan and Zeke again, bench guys Price, Dumars, Nique
94: Kenny Anderson and BJ Armstrong (?????) started, Price, Starks, Mookie Blaylock, Nique on the bench
That's not exactly a murderers row. I think it speaks to the fact that Reggie was probably a little underrated at the time.