I'm a small engine tech by trade, so I guess the only advice I can offer is to take your time and listen to how the motor responds. Make small needle adjustments, a 1/16 turn is a pretty big adjustment on these motors. If you listen, the motor will tell you what it wants. One other tip is, trying to tune a motor for best performance with the stock can still installed is much more difficult than if a pipe were installed. It's harder to hear the combustion sound when the motor is being choked by the horrible factory exhaust. With a pipe you can hear a nice rasp and a slight 2-stroke pop at all rpm ranges.
Does running 50:1 make it faster? No.
I run less oil because I don't like all the smoke and I prefer my clothes not to stink when I get done running. I smell like an exhaust pipe all day at work, so I'd rather not smell like it in my leisure time too.