Chemical language models, combined with reinforcement learning (RL), have shown significant promise to efficiently traverse large chemical spaces for drug discovery. However, the performance of various RL algorithms and their best practices for practical drug discovery are still unclear. Here, starting from the principles of the REINFORCE algorithm, we investigate the effect of different components from RL theory including experience replay, hill-climbing, baselines to reduce variance, and alternative reward shaping. We propose a new regularization method more aligned to REINFORCE than current standard practices, and demonstrate how RL hyperparameters can be fine-tuned for effectiveness and efficiency. Lastly, we apply our learnings to practical drug discovery by demonstrating enhanced learning efficiency on frontier binding affinity models by using Boltz2 as a reward model. We share our RL models used in the ACEGEN repository, and hope the experiments here act as a guide to researchers applying RL to chemical language models for drug discovery.