The steel sculpture, which is nearly 100ft (29m) wide and perched in a field next to the A46 in Norton Disney, near the Nottinghamshire border, is tilted to appear as though the Lancaster is in flight.
It is intended to honour the RAF crews of World War Two.
White said the site was not fully open to the public because of planning permission issues with the car park.
A dedication service was held at the site on Friday by the Bishop of Lincoln. It marked the start of the weekend celebrations, which include a charity ball on Friday night, afternoon tea on Saturday and a bar on Sunday.
White said another BBMF flypast was expected over the weekend.
The site had been open to visitors at times during the installation process because of the huge amount of public interest it had attracted, he added.
“Since we opened it up, we’ve realised everybody wants to come and walk underneath and see it,” he said.
“I’m sort of struck every day by just seeing it and walking out and being able to share it sort of with the county of Lincolnshire.
“I feel ecstatic about the whole project.”
