Well, my kitten is still crazy, but I'm trying to play with him more often to try and reduce his hyper-excited behaviour to some degree. There are certain times when no amount of play or distraction will work, and he gets on what I call a "what wall-mounted object can I knock to the ground?" mode. I do use a water spray bottle, but I don't like the idea of using it all the time, so only do so sparingly.
I'm currently reading through "How to think like a cat" in an attempt to try and understand my kitten's actions a little better. I have to admit, that I find it challenging to try and change his behaviour by means of positive reinforcement only.