It's not for us in the Real World to know the destiny of the soul of Reverend Jerry Falwell, who passed away yesterday. As such, his fate depends on the personal viewpoints about him and about the afterlife (if any); and then whether or not he ended up in Heaven, Hell, reincarnated, or lost in the void of nothingness.
Toobworld is not under any such compunction. As Falwell had a fictional televersion, TV writers - especially for the sketch comedy shows like 'SNL' and 'MadTV' - are free to imagine his eternal fate. Perhaps he might face a reincarnated existence as a dog, as is often the case for humans in Toobworld.
I doubt he regenerated as if he was a Gallifreyan Time Lord!
As for me, I think the spirit of Jerry Falwell will become imprisoned in a cave on the planet Triacus, as seen forty years ago on 'Star Trek'.
(Click here to see the pictorial splainin for my theory.)
As to why he murdered those colonists on Triacus, he probably saw them as being similar to those pagan liberal gay feminists who brought about 9/11.
Hey - his spirit will have had a long time to fester in that cave by that point. It's no wonder he didn't look like his corporeal being when he first appeared to those children.
That's just a theory of course. It'll never grow legs outside of this blog.