To get the lowest oil in a premix glow fuel get RC car fuel. Those guys are so HP hungry that they will go low oil for more power and just replace a lot of worn out parts, the cost of racing.
On the other end of the spectrum is Helicopter and four stroke fuel, this will have the highest oil content since helies are run at a constant speed just below red line and have very weak cooling systems and 4 strokes crankcases are only lubed by the ring blowby.
You definitely want a synthetic oil instead of castor oil. Castor is a great lubricant for these engines but it does bake on and leave behind a mess of dark brown discoloring on your pretty engine that is very hard to clean off.
I do add 1% castor to all of my fuel as it has some very beneficial properties that the synthetics have not yet matched, 1% is low enough that I do not get the discoloring.
Similar commercialy made radial engines run in the neighborhood of 6K RPM with the recommended props. Depending on your prop selection, you can get almost any WOT RPM that you want.
As mentioned above, make sure that you have some form of c'case ventilation for the blow by and do a lot of oil changes to get the fuel contamination out of the oil.
Please do NOT use WD40 on this engine (or any engine). WD40 is designed as a Wire Drier, hence the name. WD40 will dry up and gum up the moving parts. It is also a very poor lubricant since it was not developed to be a lube.