traveller I am wondering about privacy/security disadvantages/implications of running a manually-built Graphene.
From what I understand, the autoupdate system will not work in any form at all, so the device would need to be periodically manually re-flashed with a newly built Graphene to apply latest security patches (that includes losing all the data of course).
Not at all.
If the build directions are followed, including management of the signing keys, it is possible to apply so-called OTA updates safely via USB -- or to run a personal update server.
I recommend that interested parties read material on the GrapheneOS web site (Features, Usage, FAQ) -- also the build directions.