RE: Cox Reed Valve FAQ
First, about the fuel. I have run on as little as 5% Nitro, but settle in 10% for Texaco competitions. (Higher nitro increases fuel consumption.) As for oil, I use 20% Synthetic, but make no claims, other than to say it has worked for me so far. Unlike caster oil, you are less likely to end up with gummed up reed valves and pipes.
From your picture, I can only see one inlet port; some later engines, and hotter versions have two ports. Once again, for my purposes, one port is likely more fuel efficient than the more powerful two porter.