I have the LomoKino and enjoy using it. From my perspective, it doesn't really pay to do reversal processing, since you can't run the film through a conventional film projector afterward, due to the odd-ball frame size. So, you're going to have to scan the film anyway in order to get it into a format that you can convert to a digital movie; it might as well be C-41 or hand-processed B/W.

The LomoKinoScope is, in my view, not a tool for serious playback of the film, just a handy viewer to see what you have.

As for the aperture setting on the camera itself, it has a continuous range of apertures from f/5.6 to f/11. Since the shutter is 1/100s in speed, using a handheld light meter is a handy way to ensure good exposures. Just set your meter to your film's ISO, reference the 1/100 speed and see if your scene is within the camera's f/5.6-11 range and set the aperture accordingly. If not, you have to change your scene's lighting or change film.