Lowering it to 3 would provide minimal help. Almost all of this spam is being given 3 autoflags by Smokey so only 1 human flag is required. Because they aren't allowed to autonuke posts, reducing the spam flags needed to 3 would just they'd have to lower the number of autoflags to 2:effectively the same situation.
The real thing that would help would be autonuking. Wait, but wouldn't that nuke legitimate posts, you ask?
No, it wouldn't, not if done reasonably well. In all the time Smokey has existed (8-9 years), there has never been a post on Super User that has a "reason weight" over 269 or a "reason count" over 6. And yet, in that time, there have been no less than 11027 spam posts matching those conditions, include a huge portion of this recent spam wave. That is more than 34.4% of all spam on Super User during that period.
But we could also autonuke certain keyword that would never appear in legitimate posts and appear in thousands of spam posts. For example, this site alone has over 2,000 spam posts with "loan APP" in the title and another 2,000 with "HELPLINE number" in the tile. These term has never appeared in any non-spam posts, ever, in all the history of every Stack Exchange site. We could probably safely autonuke this too, could we not? And these 2 terms are by far not the only 2 examples of this.
About 40% of all spam (and much larger portion of this spam wave) could be autonuked with no false positives quite simply. This is really a much better way to mitigate the spam problem here.
Really, the only arguement I've heard against this is that by autonuking spam users would no longer be engaged in moderating it. But this is both not entirely true and good thing. For one, while much of the spam wave could be autonuked, a significant portion couldn't, which could still be moderated by the community. But, I think at least, that less people needing to spend valuable time that could be used to improve the site on flagging spam...is a great thing. Why wouldn't we want that?