Since it is supposed to be in the game and do what it does then i don't think it can be classed as cheating to use it, but i personally found that if i go overboard with lots of saves and reloads when characters die that it ruins my enjoyment of the game.I have imposed the rule on myself that if i use the well that i cannot reload if a character dies but that i must reload if i get money from the well, so i am never allowed extra cash and also i am only allowed to take 2 skills per character past 10 but never past 20 lol
It's a complicated system thats a pain in the neck and tedious until i get gm protection from magic, but thats the price i must pay for using the well in such a way so as not to lose enjoyment of the game.
just my personal thing, but does anyone else have rules about using the LoG well ?