I'm against a megathread. That would be too busy and I think there will be more than enough to discuss about each episode.
For entirely selfish reasons, I'd like individual discussion threads for each episode that come out one or two a day, since that's the pace I expect to be watching it (optimistically).
Though, I think the best option for everyone might be five-episode blocks. That would allow both bingewatchers and slower viewers to enjoy the conversation without spamming the feed, and will match up well enough with the "parts" it would have been split into if it aired on Nickelodeon that both broad and individual episode discussions will make sense.