Silver is an excellent reflector, perhaps the best in the visible spectrum. It tarnishes quite rapidly.
All this wrapping paper, mylar, foil... it's all aluminum. None are likely coated with any real oxidation protection.
HID lights are much higher intensity, white paint would probably be better because daylight is only around 10,000 lumens, and high-wattage HPS put out 10x that. Diffusion would probably be very beneficial. But the smaller the light source the better reflector you need for that 30-40% yield increase over using nothing at all.