I over-shot the adjustment on mine - the head of the screw was only protruding by something like .050, and was burning between 30 and 35:1. It ran fine though - not even that smokey. I brought it back out a couple turns, so you could just see a thread above the nut (so probably a turn "richer" than you're showing), but I haven't run it enough to figure out the ratio. The only bad thing too much oil is going to do (possibly) is fowl plugs though. Every sled is a little different though, so you have to monitor it if you really want to dial it in. I'd target 40:1, although that's more of an old standby number than anything. If you just want to set and forget, it's probably fine, but it wouldn't hurt to go a turn or two "richer" (until the nut is flush with the very top thread on the set screw) and leave it unless you start fowling plugs.
Three turns in is a pretty standard recommendation, but my guess is some sleds don't need as much: what I've read is Polaris targeted a pretty lean oil mix, and it was too much in the margin of error considering production tolerances and the imprecision of the pump (might be fine at WOT, but too lean and cause a part-throttle burn-down). Three turns should be plenty to get you out of the margin of error - but it might not need that much. That said, too much is better than too little, and I don't think it's possible to crank it up enough to hurt anything.
