I would like to add that most people actually over lubricate the engine. It is fairly easy to check when first runs of the engine are carried out. Being careful not to scald yourself with the hot steam from the exhaust, let the engine run for about 5 mins, then hold a clean white rag up to the exhaust for about 30 seconds. You should see just a slight tinge of oil, not as some people have them, with oil dripping out of the exhaust port, not only is it wasteful, but you run the risk of running out of lubrication before the end of your steam run. You should always have a bit of oil left in the luber at the end of your run. There is not a lot you can do if you are overlubing, but you must make sure your engine run is timed to stop before the oil runs out. It is the state of no lube that causes the majority of wear problems in a small engine.
I have a small engine that has been correctly lubed for all its life, I run it almost every weekend for over ten years, by a rough calculation, well over a thousand running hours. I only ever changed the o-rings every couple of years. On checking it over at the end of its hard working life (the boiler clagged up), there was hardly any detectable wear on either of the bores. Ready for another ten years steaming, but now resides with my engine collection in tribute to a good design and good lubrication. The engine, the first ever Cheddar Puffin engine, the one that used bronze investment castings in its build. Later designs never really matched it for quality and reliability, and I don't think it could be made at a competitive price nowadays.
Now because I make my own lubers, you will notice that my bleed hole is on the top of the pipe, unlike most commercial ones that have the hole hidden underneath, I don't know why, maybe they don't want anyone to find out the size of hole they are using.
Anyway, I do this for a couple of reasons, the first is that if there is ever a blockage, I can prick the hole with a jet cleaner, try doing that with a hole underneath. The other reason is, that if I do make a batch of engines (the lubers vary from batch to batch on the design shape and size) I can start with a smaller hole, and if it needs it, can be opened up to a size bigger. BTW, you can buy some lubers that have an adjusting needle to control the flow, to me just something else to go wrong, by itchy fingers playing with it.
There are basically two levels that your luber needs to be filled to, depending if the hole is on top or underneath. If the hole is underneath, you should fill the luber to the top of the cross pipe, if the hole is on the top, fill it with oil to about 1/16" above the hole. The reason for this is that when you screw the top on, it will force a small quantity of oil into the steam pipe, so that on start up the engine gets a charge of oil almost straight away, and this initial charge will reduce the wear damage until the luber starts to work and feeds the engine by itself.
John