PERSONALLY, I Don't Think You Can Use Too Much Oil
I have friends that their kids are still running 2 quarts of oil to five gallons of gas. And they are winning Championships.
As I undertand it, more oil LEANS the air to fuel mixture. Too much oil could be leaning your engine out.
I had a 402XS (33.3 cubes, One third of an in lines six), when I ran two quarts to five gallon it would run along and then load up, and actually blow "Smoke Rings" as I went down the straightaways. I had to run less oil to get it to run clean. What fixed this "OIL" problem was to run "Gapped" plugs, I had been running "Surface Gap" plugs.
Also, I was using PETROLEUM OIL, not synthetic. Petroleum oil does not burn. Synthetic oil burns.