That carbon rod is exactly the stuff I bought for mine when I built it. Machines very nicely, even takes a thread, but it makes a huge mess unless you're careful. The thing graphite has going for it, apart from the self lubrication, is its mass, which is far less than cast iron. So in theory your engine should run better with less rotating mass to drive. I think Brian would have got his going with the graphite piston and valve but didn't realise just how finicky these things are when getting them to run. It's easy to be fooled into thinking a part is wrong when it just refuses to run and as an unknown, the graphite is easy to 'blame'. It's cheap enough to grab a stick and have a go, and the CI you've already ordered will certainly come in handy for something else