I don't think so... if you add more oil, you've technically already leaned it out per volume of fuel/oil mixture, since you're more or less going to put in the same amount of fluid volume through the carb, not counting viscosity.
Adding more oil to the fuel just makes it a bit harder to ignite, especially when you're already leaned out from too much oil in the fuel, then leaning it back even more, so that you're flowing the same amount of oil as you were before, but less fuel, will just piss off the engine even more.
That's my take on it, anyway.
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