Here's a general rule of thumb (at least for me as a user) when I visit a faucet: If the payout rewards are over 1000, I don't mind waiting up to 2 hours between claims. Lower payouts are okay if you change the frequency of claim times.
3 ads may not be enough to cover such a high payout if it's an hourly payout. I don't mind viewing ads on faucets, but as a reference, I rarely click on AdSense ads; rather, I click on ads where I see new faucet announcements, or new sites that I haven't yet been to. These are usually done on ad networks that accept cryptocurrency, such as adbit, bitmedia, mellow, bee-ads, coinad, etc. You may want to check out their publishing options to see your potential earnings. It won't be as much as Adsense, but it'll be supplemental to the bitcoin faucet industry, as this is where bitcoin enthusiasts post their ads.
When considering a captcha, the biggest thing you have to worry about is security, not whether the user will enjoy it or not. As a fauceter, the only captcha that I avoid is Google's reCaptcha version 1. After about 30-50 solves on reCaptcha (v1 or v2) per day, rC v1 becomes completely illegible, and to have to use the audio captcha option takes way too much time. I just avoid sites with rC v1. rC version 2 is okay, but any fauceter will tell you that they are absolutely sick of "select all images with street name signs" haha. The most secure captcha at the moment, from a general consensus by faucet admins, is funCaptcha. You may want to check them out. My personal preference is Are You a Human or funCaptcha. Maybe you could implement user's choice, such as on freebit.co.in.
Don't ever ever every accept popup/pop-under ads as an option for advertising on your site. You will lose a ton of traffic options, as most rotators won't add you to their rotation if you have popup ads.
If you're going to use "anti-bot" links, don't. They're useless. If I can bypass your anti-bot links by installing LosingAlpha's easySubmit extension, then any bot out there can easily bypass the anti-bot links. These are just on sites to manipulate users into clicking on ads, and in this could hurt the faucet ecosystem once Google catches on to these shenanigans. If they are constantly paying out for fake clicks because a user was trying to click an anti-bot link, this will ultimately end up causing faucets to be automatically denied for AdSense. So please, for the sake of all faucets, don't use anti-bot links. They're absolutely pointless.
A wait timer is unnecessary, as well. The purpose of this is to boost your value to Google's AdSense program, as this will make a higher time-on-site per visitor, but be cautious, as this will restrict your traffic throughput, especially if your site is added to rotators. If you do a wait timer, don't make it more than 20 seconds max.
Don't continually change your rewards. Fauceters hate that. If you're going to choose one reward, stick with it. And make sure you have enough to payout 100,000x what that payout is. In the chance that your faucet becomes popular overnight, it could die just as quickly if users get an "Insufficient Balance" notice. Having 100,000x more than your max payout will pretty much insure that you'll have ample time to make earnings from your ad networks that you host on the site, which will in turn pay you enough until adsense earnings kick in.
Currently, the faucet game is changing. When I started a couple months ago, 1000 satoshi per claim was unheard of. There were only a small few sites that offered that amount. I personally don't visit faucets that have a minimum reward of 500 or less. I just don't waste my time with it, even if your claim frequency was every 10 minutes. I have way too many faucets to visit, and I'll be damned if I was locked to your faucet, and having to return every 10 minutes to grow my earnings.
Referral programs can make you an extremely popular faucet. If you have 10% referrals, you won't get a big upfront growth. If you offer 50% referrals, you'll see a huge spike in upfront growth, and if you offer 100%, you'll soon become the most popular faucet on the block, given that your payout rewards are high enough. Again, this ties into making sure you have at least 100,000x more in your balance than your max payout reward. I generally don't refer sites that have less than 25% referral bonuses.
If you want any more tips, feel free to Skype me at FreeBitcoinExpert, or send me a PM here. Additionally, don't be afraid to reach out to other faucet admins here. You'd be surprised at how open-armed this cryptocurrency faucet industry really is! I'm just a mere fauceter, and they're all pretty badass to talk to and learn from!
Cheers, and good luck!