lets not forget that oil-fuel ratio is way different than air-fuel ratio.
air -fuel ratio is make your engine run lean or rich.
oil-fuel ratio is just that and has nothing to do with the air-fuel ratio.
more oil = more smoke, more gunk on the plug, more lube for the bearings and a cooler running engine.
Less oil = less smoke, less gunk on the plug, less lube for the bearings and a slightly hotter running engine.
too much air to the amount of fuel= lean conditon (too much air not enough fuel), this will make your engine run really good and make a ton of power, rev really high, idle high, possible w.o.t bogging, but you run the risk of melting the piston or causing a bearing to lock up. the engine will run HOT!
too much fuel to the amount of air = rich condition (too much fuel and not enough air) sluggish throttle response, bogging, more smoke out the exhaust but not from oil, hard starting, 4 stroking and low performance.
also, the air quality where you live will have a lot to do with the air-fuel ratio that you need. an engine that runs good in new york, will probably run like **** in florida.
Personally i run all of my 2 strokes at 32:1 oil-fuel ratio because it's what works for me.