If by "The rebuild index switch is SQL Server speak for a reorg correct?" you mean reorganinzing the data pages similiar to what a dbcc shrinkdatabase does then the answer is no.
The -ReblIdx switch refers to rebuilding indexes.
From BOL: -RebldIdx free_space
Specifies that indexes on tables in the target database should be rebuilt by using the free_space percent value as the inverse of the fill factor. For example, if free_space percentage is 30, then the fill factor used is 70. If a free_space percentage value of 100 is specified, then the indexes are rebuilt with the original fill factor value.