I would say you have chance the results will surprise you in a very positive way. I use all recent (haha) Leitz enlargers and the Valoy II is right up there in terms of being able to do beautiful prints. Most of this quality is because of the light system with the condenser. The Valoy II is one of the few Leitz enlargers that will take any brand lens without a problem.
I would keep it very simple, just use it with its original lamp head and condenser. It won't go much higher than 12X16 when using an easel. If you want larger prints there are a couple of options to do so. If yours has the frosted anti newton condenser (later grey and light grey versions) that presses down the negative you are all set to go. If yours has the clear condenser (black version) you need to fabricate something so your negative won't touch the condenser. Quite easy to do.
Putting the multigrade filter inside the head on the condenser works. Still, I would modify the redfilter to use a filter holder under the lens. Leitz USA made one for the 1c, but they're hard to find. I have modified the black metal Beseler or Omega holders for this purpose, it is easy to do. You take apart the red filter and use its bracket . . .
To give the condenser a good clean: tilt the head backwards, push up the condenser and turn it either way to let the bayonet drop it down. Take out the negative holder before you do this, the pins can hurt the glass . . .
If yours has an older Focotar (the oldest are 5cm, the younger 50mm, the most recent are 50mm with Focotar or Focotar-2 engraved on the side of the barrel, instead of on the front ring) stop it down twice always. If you do that, they are wonderful lenses.