I run motors in at 40:1, same ratio I use after it's run in, but I run it a fairly rich so it gets plenty of fuel and oil. If your too heavy on the oil, you actually have less fuel (as oil is taking up the volume the fuel would) being metered in, hence you are running leaner.
I pull the plugs after each run to confirm she is a bit rich. After a few cycles I start to lean out the carbies till I get them right. A few WOT runs, pull the plugs each time. A dark brown coffee colour begins to develop on the plugs when the mixture is right.
I check the plugs every ride, to make sure no lean condition is beginning to develop, which would show up as a lighter colour on my plugs.
A lean condition could develop if your bottom end isn't sealing properly. Reading plugs can nip this in the bud. Better to replace some seals than engine rebuild.
A stock 701 motor properly cared for should do hundreds of hours between rebuilds.