Rule of thumb is anytime you mix oil with you fuel in the recommended ratio, you loose 2 octane points. Therefore, mixing an 87 octane willgive you an 85. Typically and I must say,I have never read any owners manual that recommends anything below an 89 octane on a two stroke.
I'd be curious to know where you got that rule of thumb (sounds like malarky to me). It would suggest that adding oil into the fuel changes the energy content and combustion properties of the fuel itself, but that's not the case for a two stroke. You know how two strokes work and how the oil separates out into lubrication while the energy in the gas goes into combustion. The octane controls the speed of the combustion (slowing it from and explosion into a fast burn). The octane and the oil are independent.
Technically, the lean/rich tune of a carb is altered by the presence of oil in the fuel and will be different whether you mix 50:1 or 32:1. It's a small difference, but technically true. In that case, it's because the air:fuel ratio is changed for a given amount of mix passing through the carb. But the octane content of the gas itself is not changed at all. It's per volume of gas, and independent of air or oil.
My two newest saws, a Stihl and an Echo, both call for mid-grade fuel or better in the owner's manual (no octane numbers are mentioned anywhere, just "mid grade"). My three older saws, dating 10, 17, and 40 years old, make no mention of fuel grade at all (the 40 year old saw was made in the era of leaded gas in fact).
Some guys on arboristsite did deterioration tests of ethanol fuel, and saw no difference with the premium grades -- it went to crap just like the lower grades. Higher grade fuels do have better additives, but they are independent of ethanol (that has been the case even before we had ethanol blends -- higher grades always had better detergents and additives).
Bottom line is that ethanol blends have a short shelf life, and can really trash a carb if left to sit. In general, the consensus is to not use ethanol blends in a saw if they have been sitting around for more than 6 weeks or so.