Try it but you'll likely find 32:1 fouls plugs too quickly. More oil (within reason) doesn't cause damage and using richer ratios you're less likely to experience any lubrication issues.
40:1 will work fine unless you run WOT for long periods then maybe 32:1 is a better choice.
Important:
In any case, never run pump fuel that's more than a few months old, despite whether it's pre-mixed or not. FWIW, in the old days of caster bean vegetable oil, the pre-mix would begin losing it's lubrication properties after about a week, but sure smelled lots better.
IMO if possible, you'd be much better off to use the variable ratio injection that came with the factory configuration, the ratio is closer to 32:1 at WOT and higher than 40:1 at low throttle angles.