I always assumed the Lord Ruler compounded copper and therefore had a flawless memory. He didn't have to store any memories or what not, just as long as he compounded copper (what ever that entailed) which could be nearly constant as he copper is cheap and burns relatively slowly, then he would have perfect recall during this period.
Really the character concept is pretty cool. A bit like that new tv cop drama called "Unforgetable", I think (ironicly I can't remember it very well). There wouldn't be much of a combat orientation for this but having a flawless memory is still pretty freaking helpful.
EDIT: and as for the iron compounder, the actual problem would be going anywhere but where you started. Even angling the metal when you throw it would cause you to fly back to your original position. You could hover, but actual flying might prove impossible.