Depends on what you believe, but yes you could just ride the waves. You should make sure the transaction fees aren't bigger than the profit itself though.
If you're betting that SBD will rise back up faster than STEEM, then converting STEEM to SBD at a "cheaper" conversion rate, and riding the SBD wave up would give you more value than before. If you think that STEEM will rise faster though, you might as well just hold onto STEEM.
Thanks for your suggestions. In my case, I'm only using the Steemit internal market, and so there are no transaction fees to worry about. The only question is whether the value will change back and forth in any significant way.
Ya, that's the million dollar question. For what it's worth, I'm not expecting a huge bump back in SBD since the peg was a bit off to begin with. I'm expecting STEEM to rise more in my own investments but I've been reallllly wrong before so take that with a ton of salt