I should have added...
Don't cheap-out on the oil, it is the absolute life-blood of a 2-cycle engine. Use a high quality 2-cycle engine oil that is specifically formulated for the type of 2-cycle engine it is being used in, air cooled 2-cycle engine oil for air cooled 2-cycle engines (JASO-FD), and water cooled/outboard 2-cycle engine oil for water cooled/outboard 2-cycle engines (TC-W3).
Always mix the oil and gas at the engine manufacturer's recommended mix ratio, NOT at the ratio that it says on the bottle of 2-cycle oil. Don't mix at a higher ratio than it says on the bottle, in other words, do not use 40:1 2-cycle oil mixed at 50:1, but, you can go the other way and mix a 50:1 oil at 40:1 to use in an engine that requires a 40:1 ratio. You CAN used fuel mixed at 40:1 in a 2-cycle engine where the manufacturer specifies a 50:1 mix ratio, but this would not be optimal.
Some high quality 2-cycle engine oils already have fuel stabilizer in them. You don't need to add Stabil (and shouldn't) if you use one of these oils.
Also, 87 octane "regular" gas is likely to be fresher when you buy it than higher octane gas because the gas stations (and oil companies) sell a LOT more of it and the gas is rotated through their tanks quicker.