Good prototype work, especially the interchangeable lip.
I find that video is a powerful tool in lure design, allowing you to replay a snippet over and over. In fact, what I do is cut and paste the same snippet about 20 times, allowing me to examine closely on replay.
The first lip was particularly interesting as I replayed a couple of passes. There seemed to be a double action thing going on there, giving the lure a very erratic action, which is always desirable in my book. It looks to me like the lure is at the yaw/pitch transition were the lure is doing a bit of both.
Because you are at the transition, it will take very little change of lip length to change the action, even 1/32" will be visible. You could even try a tad longer to see the effect, by wedging a slither of wood in the slot to force the lip forward. As the length increased, the action would go to pure pitch, a kind of craw nodding effect.
If you just wanted to get rid of the erratic and go for a straight side-to-side, then you would need to shorten 1/16" or 3/32". Personally I would be exploring the erratic boundary.
As for usefulness, I am not a fisherman, so cannot help you there.
Dave