This will run just fine. Maybe not much compression adjustment, but after the correct load is found it won't matter.
Design a rocker to compress valve spring to whatever your comfortable with. Don't worry about lube, a drop of oil prior to each session will be fine, assuming parts aren't soft, just like the production open rocker engines. If it was designed by the builder, odds are there is no information to be found, and any parts are just as good as the designer's.