I installed it through Homebrew and the man page works fine here. Maybe you could consider installing it that way.
Looking at the makefile, it would appear that it is placing the man page in the man1 folder as you'd expect. Interestingly however, I don't even have a MANPATH variable set and it works fine here:
Code:
~/Downloads/lynx2-8-7 :: /usr/libexec/path_helper -s
PATH="/usr/bin:/bin:/usr/sbin:/sbin:/usr/local/bin:/usr/X11/bin:/Library/Frameworks/Python.framework/Versions/2.7/bin:/opt/local/bin:/opt/local/sbin:/Library/Frameworks/Python.framework/Versions/2.6/bin"; export PATH;
It makes me wonder what Homebrew has done in the background.
EDIT: The only man path I have set is /usr/X11/share/man (for X11 stuff) in my /etc/manpaths.d/ folder. However, Lynx's man page is not there. I'll do a quick search and see what I come up with.
EDIT 2: Well, I can't find lynx's man page. Hmmm....