It isn't all about the oils ability to protect at lesser ratios though. You have to factor in Jetting. The metering orifices and/or jets if it has any are calibrated to work at what the factory set the ratio at. Many folks don't realize that when you go from 32:1 to 50:1 you are using less oil but MORE fuel available in a given amount making the engine much richer than planned, fouling plugs and killing mufflers/spark arrestor screens.
At 32:1 the carb/engine is expecting XX amount of gasoline in the incoming fuel charge. At 50:1 there is significantly less oil!
Studies have been done on two stroke engines showing more power and ring seal is present at mix ratios all the way down to 10:1, so less oil is not always a good thing! Leave it to the EPA to mandate 50:1 and 60:1 ratios at the expense of power and engine life.