There's an excellent explanation of how his odd fire or multi cylinder ignition works on his website. I don't think going that low on oil is a good idea on a Saito radial. Unlike the Evolution radials, the Saito has a "dry" plenum and depends on oil bypassing the piston rings for lubrication. The evolution engines gets away with much less oil because the crankcase is used as the intake plenum and has a dry top end.
You could always use a supercharger on it and quit fooling around.