I'm not Billy Bob.
I did check every spec and part number enough to verify two things:
(1) 1964 and later OMC engines used essentially all the same parts, torques, gaskets, and clearances of the 1963 and earlier.
(2) In 1964 the OMC Factory changed the fuel/oil mixtures...not me.(or BillyBob). The factory didn't change much else.
That being said, I base all fuel mix for my two strokes on 50:1(2%) being careful always to use quality recommended types of oil.
My saws all run Stihl oil. Outboards all are run on Mercury PremiumPlus or BRP semi synthetic. When Pennzoil is on sale that's great because I believe they manufacture oil for the big engine makers. It's been clearly marked PremiumPlus in past years.
Oils for air-cooled engines are formulated differently than oils for water-cooled engines.
I will richen the fuel/mix if:
Running full throttle for extended periods.
Running a plain bearing outboard(3,5.5,6,7.5hp OMC)
Running a new powerhead.
Running anything for the 1st time.
It is my understanding that:
Too much oil has the effect of reducing octane.
Too much oil increases the combustion temperature(burns hot).
Too much oil can reduce the fuels cooling effect on the air/fuel charge.
Too much oil reduces the amount of gasoline available for making power.
Too much oil leans the air/fuel mixture.
Too much oil promotes carbon buildup(sticking rings, etc).
Oil is necessary for lubrication, that's all. Engines won't run on pure oil, they run best on pure gasoline...but not for long; oil IS needed. The experienced engineers who build and test these engines, for a living, have determined, through years of practical experience, what mixes work and what mixes don't. We all bought their engines because they built them so well. Following their recommendations on the oil makes sense.
Everyone has their own preferences on how to mix oil and gas. After doing it for 40 years without ever having any lube related failures. These are the guidelines I use.
Again, 2c worth.