I read on the H.A.M.B. that the fourth oil ring was added to solve an oil consumption problem that was prevalent with some of the very first Ford V8's. Over the years, piston ring technology evolved, but for some reason Ford never chose to take advantage of it, and Ford pistons were 4-ring until the end of the flathead era.
There was some concern expressed that leaving the fourth ring out would destabilize the piston in the bore, but when you realize that it is the piston that stabilizes the rings, that goes out the window.
Jack, how much does that fourth ring weigh? It sounds like reducing the rotating mass of each piston/rod assembly by the same amount doesn't make a lot of difference in overall balance.