There's a number of possibilities to here in regards to Lup's spell list, so here are the two most obvious options we could come up with:

1. Lup's spell list will be fully unlocked, but the exhaustion caveat remains in place.
2. Lup's five spell slot restriction remains but the exhaustion caveat is lifted.

In both cases, this would sadly only be able to last for the duration of the event. Do you have a preference as to which one, or would you prefer to go into Lup's other desire - regarding information about LifeAftr?