The purpose of the oil ring is to regulate the oil lubricating the cylinder wall and as part of that function it scrapes the oils on the down stroke removing hot oil aiding in cooling the engine.

An incorrect oil ring will probably cause a number of problems in both the short and long run. If the ring does not seal against the cylinder wall correctly the lubrication of the wall and the compression and 2nd ring will be incorrect, maybe too much maybe to little, either way accelerated mechanical wear would be likely, if the oil ring doesn't seal it will not remove the hot oil causing overheating of the cylinder wall and the rings. If too much oil is on the wall it might end up getting past the rings, burning and smoking, too much might cause the upper rings to become fouled and inhibit their function which requires them to move around a bit when running.

If the Oil ring seals too tightly the cylinder wall/ring interface could suffer a "lubrication starved" condition which would cause accelerated wear, probably more accelerated than too much lube I'd bet.

If you're just trying to get an engine to run half arsed for a reasonable length of time you can probably get that done this way, but if your time and energy are worth anything it seems a rather poor investment to not use the parts designed for the task, which the parts you have are obviously not.

http://www.hastingsmfg.com/Race_Catalog_Pdfs/Piston_Ring_Functions.pdf