No, it won't be 32:1. It's been a while since I've done this math...mumble, mumble...

1 Gallon is ....32 x 4 or 128 oz. So 3.2 oz in one gallon of fuel would be 128/3.2 or 40/1

That's not oily enough for break-in. You'd better double it

Somehting about my math feels wrong. Do I have that right?