interesting timing for this question..only talking about the same thing with shrew the other day while we were bombing down the A1 talking nonesense, mostly about bikes which shrew is very knowledgeable about.
we then got onto the subject of old bikes and how i blew up my old suzuki AP50 which had a 59cc barrel & piston on. it had previously heat siezed on me with the 50cc kit. smoked a fair bit beforehand too.
he then expalined to me how using a too oil rich fuel mixture most likely actually caused the failure rather than providing extra lubrication. makes sense too when you think about it...
what happens with too much oil in the fuel/oil mix is that it makes it too thick and the fuel doesn't flow through the carb jets as well so at full throttle openings the air is still travelling at the same rate but the fuel mix can't flow fast enough which causes a weak mixture. this in turn leads to very high piston/combustion chamber temperatures and then detonation with potentially disastrous concequences....holed pistons etc.
my old bike smoked like a good 'un when pootling around town while the flow rate could keep up, the extra oil getting through and burnt off, but when it had the full beans treatment it heat siezed which looking back now is a classic sign of excessive heat/weak mixture.
my advice, don't try it. especailly as you may be driving a bit enthusiastically col