Unless you're using an oil formulated for a 50:1 mix that is a little lean on oil. Use a good grade of air cooled 2 stroke oil and try for a 24 to a 32:1 mix. I think you'll be fine as long as the engine still runs and you have good compression.
You have to understand that an engine designed for motorized bicycles has no internal cooling capacity such as that found on lawn and garden equipment. There is no flywheel with cooling fins, no shrouds to direct air over the cylinder.They rely on moving air like it will get when the bike is moving forward.
Hope all turns out good for you. Keep us informed.
Tom