I'd imagine you can you 1:40 or 1:50 if you use a good TC-W3 oil. I think those older engines required more oil because the oil was less effective then the oil today. I run my 1974 Evinrude 115 at 1:50 with no problems.
1964 was the first year Evinrude and Johnson used 50:1. From about 1954 to 1963 the mix was 24:1 for most engines, with some smaller ones needing 16:1. Prior to the early 50s the mix was 16:1