Some really simple basics:
When you mix more oil, aka going from 40:1 to 32:1, you actually will lean out the engine.
This is because you now have MORE oil than you did taking up part of the mix running through you jets...and less fuel.
A change from 40:1 to 32:1 is minor, but larger changes would become more critical.
different terms are used regarding altitude, pressure, humidity as one sum, some call it RAD or relative air density, some call it density altitude etc...
They all are a means to correlate all the factors necessary to jet your engine....
Basic rule, the hotter it is outside, the leaner you go, the colder it is the richer.
More humid: Go leaner (less air getting in replaced by some amount of moisture)
Higher altitude go leaner reverse for lower.
Regarding oil ratios, while it's been argued and argued, you will find that the fastest engines often run at really high oil ratios, and the correlation has ALWAYS been more oil, more power, and more lubrication and longer life.
It's not uncommen on highly stressed engines to have oil ratios at 20:1 or even greater.
I am told the absolute highest level two strokes (moto GP 125s) are mixed at 24-32:1 using extremely high tech synthetics. These engines have I think 2 hour life expentancy (at most) and it was found that with the new cool synthetics being so slick, the roller bearings would skid and not roll when there was too much oil...
With the oils most people run, the skidding issue is not an issue.
There have been tests showing more oil more power, but NEVER a test showing less oil more power....
Run whatever floats your boat and budget, but I highly suggest more oil than less oil