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But if they spend the money and fail to make campaign finance reform a major voter issue, it will be a demonstration that money is actually not particularly distorting.

No, it would be a demonstration that money, for many voters, may not initially appear distorting. It could also be a demonstration that some voters, like you, are largely apathetic to whether or not a political process is influenced by money.

If they spend a lot of money, and it has no effect, that would put a dent in the theory that money always has an effect.

They'd be in good company, though. The Sunlight Foundation found no correlation between the outside spending in the 2012 federal elections and race outcomes.

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