I've looked into these circular inscriptions in the past, mainly because I tried to make something of the vord oky which occurs more than once in there.
I see nothing except bad penmanship here. First, the characters are small. Next, as a consequence of that, they may get blotted, and last, but not least, the scribe apparently was not putting down every glyph into the circle with it being positioned at the current top of the circle. This is best described with the last vord in the bottom circle of f68r1. The glyphs (easily readable olgy) are not deployed in a radial manner - because their baseline was not perpendicular to the scribe's arm when he wrote them. Hence the additional awkwardness of some glyphs here.
Of the three vords in question the first, I think, is simply cheo, the second I interpret as y, and the third is illegible, being awkward and partly blotted. The last character looks as d, though.
I see nothing except bad penmanship here. First, the characters are small. Next, as a consequence of that, they may get blotted, and last, but not least, the scribe apparently was not putting down every glyph into the circle with it being positioned at the current top of the circle. This is best described with the last vord in the bottom circle of f68r1. The glyphs (easily readable olgy) are not deployed in a radial manner - because their baseline was not perpendicular to the scribe's arm when he wrote them. Hence the additional awkwardness of some glyphs here.
Of the three vords in question the first, I think, is simply cheo, the second I interpret as y, and the third is illegible, being awkward and partly blotted. The last character looks as d, though.