Mark,
Before you go any further, consider repacking your silencer. If you are making a lot of smooge I'm sure it's time and it does affect the jetting. You may also want to clean your power valve while you are at it.
Canvet is right on concerning reading the plug after an extended run. I try to ensure that the main jet is correct before moving on to the lower circuits. This is personal preference, but that way I feel I'm protecting my engine from "lean" damage.
I like to warm up the engine thoroughly, no high revs until warm (only rev enough to keep it cleaned out just above idle). Once warm, clean it out very well. Then take 3 or 4 high speed runs at WFO on flat ground (no need to be on the track) to ensure it's running clean on top. If you hear pinging at anytime, shut it down! :eek: Then richen up the main. If you don't hear pinging, on the 3rd or 4th high speed run at WFO pull in the clutch, hit the kill button and coast back to the tool box. Hopefully you are heading in the right direction. ;)
Pull the plug, look for the mocha color and make corrections from there. Once you have the main correct continue on to the next circuit and yes, it's a little more seat of the pants at this point. You can still use the plug as a guide by extending your runs at half throttle, etc. then take your readings.
I also ran 32:1 for a while and had the smooge. I went to 40:1 and the smooge cleared up. And while 32:1 is a richer fuel/oil ratio than 40:1, it's a leaner fuel/air ratio, so you can use the mixture to fine tune your jetting as well. Like you, I don't spend much time in the high RPMs, mainly because I ride woods and I'm slow :whiner: . That makes the lower circuits that much more important to have fine-tuned. You'll get there, it just takes a little while and when you get there, the weather will change :think !
IMHO the mags, :uh: , did I say that? If your mag reference gives you the temperature, humidity and elevation they had while achieving their settings and you have very close to the same conditions when setting your jetting, it may be a decent guide. Otherwise it's just a very rough baseline. The best guide is finding someone in your area with the same bike/mods (ensure it runs clean) and ask them what jetting changes they made. You may also post the stock jetting and your current jetting, altitude, humidity, temp. so the RM owners can really help. Again, it'll be a baseline unless their conditions are like yours.
Hope this helps.
Scott
BTW, here's another very good jetting guide:
http://www.ecmx.com/bike_tips/jetting.html