Listen, you can't extrapolate out into extremes and expect the logic to hold (or for me to keep going on with this). Obviously the fuel/oil mix won't work if there is too much oil for the carb to properly atomize everything, or for the fuel/air to ignite and the oil to separate out and lubricate. But that has nothing to do with my point. The point is that the octane is chemically part of the fuel, and the octane sticks with the fuel during the combustion process to control the burn. That is a totally different concept than "mixing" which just combines things in a non-chemical way in a container. The oil and fuel are mixed, and not chemically bonded (they will separate back out if you wait long enough, which is why it's important to shake the mix after it's been sitting a long time). You need to understand that. It's almost like you're saying that mixing vegetable oil and vinegar into salad dressing chemically changes the vinegar, but obviously that's not true -- they simply mix, and can be separated back out.
Here's how you have to look at it. The carb controls flow rate of the gas+oil mix that is combined with air, so it must be adjusted to send the proper amount of gas+oil flow through to the engine such that the independent amount of gas present, combined with air, is correct for proper combustion and performance. The portion of the mix that is gas (with its chemically included octane) and the air it mixes with is what matters for combustion. The oil has been along for the ride up until this point, and it now separates and goes into lubrication (and some of it burns up and goes out the exhaust).
So bottom line, no matter what ratio of gas

il you add to a two-stroke (in the realm of possibility), as long as the carb is properly adjusted so that the right amount of gas+oil mix passes through to later provide the proper gas+air mix, independent of the oil, then you're OK. The oil is not diluting anything at that point (like octane content) since it has separated back out.