I agree with you on the second part. The day Neal will be free - either it comes sooner or in time, it will not mean at all that he is a reformed guy. It would just mean he'd play nice enough for 4 years. He'd have pay his time and counters will be reset to zero. The anklet is not the reason why he stays and cooperates with the FBI. he does so because he wants to.
Neal being off anklet would only rise more trust issues and slightly change the dynamic but that won't change Neal much....
Oh, I don't think the anklet is the reason Neal stays and cooperates with the FBI. However, I want it to remain. It sure helps Peter keep a better eye on Neal's activities, whether aboveboard or illegal.
I don't think it would remain the same show if the two don't have mistrust issues or that Peter doesn't have to struggle to keep Neal on the straight and narrow. Neal still remains a conman and Peter is the law enforcement officer.