Dennis – agreed, your manifold valve should also serve as an oil cutoff, but its not so positive as a cutoff in the oil line.
2 points – if you have a leak you have no means of stopping a flood (how far do you take insurance?). Also steam pressure decays, so when you shut off steam, you will still get some oil shoved along until pressures equalise.
How much and will it matter? Probably on my litlte 5″ gauge Metre Maid with its baby 3/32 lines, not hardly. On a bigger engine with more volume in the lines, you might well cop for a faceful after a halt. I don’t know is the short answer, so someone more knowledgeable than I must advise.
I have valves in both lines, steam and oil, and an NRV in the oil line – I believe that is normal practise., and it is what other very experienced club members have advised, so I pass it on on that basis.
Glycerin for the sight glass, if you don’t have it already, comes from cooking accessories/spices etc in any supermarket. Its used for special icing – so baking type stalls.