Miles and John customize the house rules for each campaign.

The default rules for characters, feats, and spells may come from any of the licensed D&D 5e published product. This does not include any of the Unearthed Arcana entries, but this and any other rules or concepts may be considered for the campaign.

The Wish spell and the Healing Spirit spell have both been banned. There is a discussion of banning Polymorph, or at least the possibility of using dinosaurs.

As far as spell components go, if it's an expensive or rare component it matters, if it's cheap like bat poop or bark, don't worry about it. Just use a spell focus.