I think the usual approach is to focus each lens on 1 major keyword - so your approach sounds fine.

Squidoo are very liberal as far as affilaite marketers are concerned. They are mostly concerned about quality. Make you web page (aka lens) look good with images, videos, Amazon or ebay a guest book etc and you'll be fine!

BTW you can turn off quite a few of the ads - the ads shown depends on your choice of charity or no charity etc.

Good luck and do some Google searching for Potpiegirl and Tiffany Dow, they are well known experts on Squidoo. Also remember there is great forum there.