If your jetting is spot-on at 20:1 and you change the ratio to say 50:1, then your jetting is no longer correct and it will smoke like a train. Jetting and ratio do work in relationship to one another, however chasing spooge with ratio is a bad move. When you get real close with your jetting but you may need to go a half jet size to be spot-on, in that case if there isn't a jet available, the remainder of the tuning can be done with tweaking the ratio. A slight tweak in ratio can help with atmospheric changes on race day as well.
Irish had recommended 32:1 for a top end, then said he runs 40:1 and "still smokes"...that would indicate that his school of thought on ratio was that if he runs less oil, he should smoke less...which is not correct and I had to poke at him a lil bit.