On the spaces, (and this is completely opinion, so take it as a grain of sand), 4 has been standard per block when people have used spaces. But why not just use tabs? Then everyone can view it in their own editor with the spacing they find comfortable.
inb4 “what about tables and such”,
<tab> table key | table data
<tab> ----------+------------
<tab> key | 5
etc.
On the commenting, yeah, as others have said, that is a bit excessive. Though I am not one to talk, I have horrible commenting practices, I comment way to much.
On the spacing in arguments, again, this is completely opinion, but I have seen this style much more, and it is a little more visually clean in my opinion:
function(arg1, arg2, arg3)
if((case1 operator thing2) operator ... caseN)
(I know this may not be proper lua, but bear with me, its been a while since I have done lua code).