If you go 50:1 i would use full synthetic myself, i know there are people who will say they run 50:1+ ratio without it being full synthetic but I think that could be a little risky with these motors, but I could be wrong so you go with what ever you are comfortable with in this area.
Question: Has your motor run the way you described from the very start or did it just start acting this way?
If it has run this way from the very start I would say there is a good chance that it is running to rich on fuel but that doesnt mean you need to cut back on the oil in the fuel/oil mix, 4OZ per gallon is not a but load of oil so I'm not sure that cutting back would change much but, you can try and see what happens and if it does get better then by golly your friend was right ... but if it doesnt make a diference I say you need to solder up your main jet and then redrill to the next smaller size and then repeat this proccess until it is running in a way that leaves your spark plug a nice lite to medium brown color, if you run it and it looks real white then you are to lean on fuel and this will cook your engine if you run it for very long this way.