Finally after trying many 4.2.2 ROM's I've managed to RUN 4.2.2 on Lava Iris 501, pure 4.2.2 experience,
its used as daily phone for last 10+ days and I am pretty happy about it. Solved almost all Issues I came across and no crashes are experienced.
I am using kernel 3.4.0 with it and its pretty stable, works good whole day with 90% WI-FI + 10% 3G.
ROM is stable and running smoothly and doesn't crashes even in 2-3 days of continuous run, however I am not able to try beyond that as customization or modding stuff makes me reboot the device usually every other day if not daily.
I would be happy to share it here and on XDA once I get permission from Porter who originally ported the ROM for some other device.
Will keep you guys posted and would share a link in coming weeks.