A 4x cost per result spike in one month is not a targeting problem that lookalikes will fix. That kind of sharp degradation typically means your creative burned out or your audience pool got saturated. At 30 pounds per day over three months you have likely shown the same ads to the same reachable audience multiple times and response rates dropped.
Lookalikes can work but they require a seed list of at least 100 high value converters to be effective. If you are only three months in you probably do not have enough quality data for Meta to build a meaningful lookalike model. Running one now would just expand reach into cold traffic that has not shown interest yet, which will raise costs further.
Before changing targeting, audit your ad frequency in the last 30 days. If your existing audience is seeing your ads more than twice per week, creative fatigue is your issue. Rotate in new ad copy, new visuals, or test different hooks. You can do this without increasing budget.
Also check whether your 4x spike happened gradually or suddenly. If it was sudden, look for external factors like a competitor launch, seasonal demand shift, or iOS update affecting your tracking. If gradual, it is almost always creative fatigue.
At your budget level, stick with broad interest targeting and focus energy on refreshing creative every two weeks. Lookalikes become valuable once you have consistent volume and clear signals about who converts best. You are not there yet.