Definitely not a fan of removing the blanks for explicitly "raise" and "lower" labelled keys. I think the ortho users here shot themselves in the foot a bit, just using some other mod key for raise/lower would have been the far superior choice over making this more expensive for grid users. The magenta/true vid and green/inv vid keys for example would have been perfectly fine choices of keys there, and I don't see the necessity of explicit lower/raise keys when not even ctrl can be found in this set.
If the raise/lower keys are kept, I would like to mention that I don't like the arrow sublegend on them. One reason for that being that raise is often placed right next to real arrows, which use the same symbol. Also, the inspiration is very light on symbols as legends, only using them for the arrows.
Choosing different sublegends from the inspiration, I'd say red 'over' for raise and red 'inverse' for lower would look cool. I'd also prefer "raise mode" and "lower mode", like extend mode, or simply white centered raise and lower on its own like print etc currently look.
To talk about something else (not really, it's still legends lol), as someone who would probably use this on a 65% or something of similar size, I wish I would get more of the special legends from the inspiration. In fact, I don't understand why there must be a 1:1 relation between "real" legends like control and their "translation" in this keyset, meaning there are 2 peek/out keys of each size that stand for the control keys. Does including duplicates somehow make the production cheaper?
I think the current solution is very not-fish-not-meat, where you're clearly trying to put as many accurate legends in their correct positions which I think is good, but where you're also doing stuff like defining peek as the accurate legend for control which I find a bit arbitrary. The reason I don't like it is because it results in this out/in, in/something/out pattern. I think legends that, on a modern keyboard, don't mean anything shouldn't be repeated.
I think a good solution would be to instead introduce all the modern bottom row legends as the top legend, so that a set of 1.25u bottom row mods would read something like control/code/alt/break space/alt graph./code/control, and to then use more non-repeated special sublegends for the red text below that.
Sorry for writing so much critical feedback, but it was stuff I wanted to mention. Hope you consider it!