Hello:
Looks correct to me, at least its basic profile.
Be very careful removing the stock. Some are stuck in place. Try not to rotate it on the mag tube or the tube can rotate. Then the shallow cut in the tube to allow the rear lock acrew to fit over it won't realign.
Many Spencer ctg guide springs have leafs that may be a bit short. Our guess is that some were out-of-spec, but found their way into surplus bins. This shortness may interfere with the guide's action during cycling. Some butt stocks have a small metal wood screw in the bottom of the hole in the top of the stock wrist to create a hard resting surface and minor spring positioning adjustment. This was put there FOR A GOOD REASON. If your guide's snappyness seems weak, try 1/16" less hole depth, via that screw. I have found that pesky feeding smoothness issues with correct OAL cartridges were immediately eliminated with a good, correctly positioned guide spring.
Ask Lodgewood to compare your spring to others so at least yours is visually similar.
One BIG safety caution:
NEVER TEST CYCLE LOADED CENTERFIRE SPENCER ROUNDS UNLESS YOUR MUZZLE IS POUNTED SAFELY! IT IS EASY TO CREATE A LEVER STUTTER IN THE EXTRACTION AND THEN FEEDING MOTION AND JAM THE PRIMER AGAINST THE FRONT FINGERS OF THE GUIDE!
Please let us know how you do and if your Spencer has the small screw in the hole. Thanks.
El Supremo/Kevin Tinny