compared to a boosted diesel, 160psi is slightly compressed. however most 2-stroke outboards are only 120-130psi
didnt think we wanted to get into reed valves or pressure waves of exhaust (port vs loop scavenging, etc) as a response to your post (#4) so I went with "sucked" as a simple explanation, along with a highly generalized comment on fuel/oil lubricating the bearings for a reason.
We could also go into lubrication film and the requirement of surface energy to keep the lubrication film intact. or how important the lubrication film is to prevent metal to metal contact. however suffice it to say, if the film is compromised (especially at high RPM), motor goes KAAAATHWAK! and stops running. which leads back to the OP's post on fuel/oil ratio.
if the motor is designed to run on 24:1 or 16:1, run it there. do not run an earlier motor on late motor fuel ratios of 50:1.
Side-note: Dad spent a few years in the Tecumseh 2-stroke lab running motors from 16:1 to as low as 200:1. the higher the oil content, the higher the emission output and the higher the load capacity. the lower the ratio, great for emissions at steady state load, however the minute change in temperature or load and the motors ate themselves in a few revolutions. lots of pictures of carnage