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I can't imagine when you'd *not* want setUpModule/tearDownModule to run, so that's a reasonable conversion path. The other path for reap_children and reap_threads would be to apply them to the individual classes that require them within the test module. Which you do depends on how many test classes need the cleanups, I think.
I'm sure there will be other subtleties to be solved for other modules. Note that I'm not advocating anyone go through and wholesale convert test modules. But I think any time someone would otherwise have to update the list of tests in test_main, converting that test to eliminate test_main should be considered.