Should This Patient Be Cardioverted?

The lead II rhythm strip shown in the figure below was obtained from an older adult patient on telemetry. Should the patient be immediately cardioverted?

Although at first glance, this tracing prompted much concern on the telemetry unit, prompt cardioversion is not the optimal initial intervention. Instead, there is much baseline aberration with spurious-looking complexes that occur at a rate of more than 300/minute in parts of the tracing. No real tachyarrhythmia exhibits a ventricular rate this fast...