It looks like he is using these:http://www.speedwaymotors.com/Steel-Rod ... ,1534.html
If so, nicely done! It would be tough to get it any lighter than this. It looks a lot like a ford festiva/aspire suspension only much less bind.
Yes. This is an established design called a strut type LCA. Very common in much heavier asphalt stock cars. I carefully went through the full range of bump and droop and the lower spherical bearing, or any other component, remains free of binding.
This set up would not be recommended for a street application where significant wheel travel is desired or required. You might get away with it if you went with a ball joint in lieu of a spherical bearing at the lower upright mount. UB machine makes these using ball joints also!
I thought the assembly would work well in my specific application. It is a proven design and very light weight. I am sure if it can hold up to a V8 stock car requirement it is likely overkill for a 1080# lotus. All the components are available off the shelf from UB machine, Speedway, etc. This will help me in getting replacement parts even when I am traveling. As long as UPS delivers there, I can get replacement shipped overnight!
The cost is fairly Locost too. The lower control arm unit is only about $50, powder coated, and well constructed.