To give you a basic idea on the subject, octane levels are assigned based on their ability to resist knocking under higher compression. Gas is a mix of pentanes, hexanes, heptanes, and octanes. n-heptane (7 carbons in a straight line) is given an octane level of 0. Isooctane is given an octane level of 100.
What happens when your octane level decreases or degrades over a period of time, is the more complex molecules are being broken into smaller ones. There are hundreds of different specific reactions or mechanisms where they can degrade.
I've read some places where people say the 'light' hydrocarbons are evaporated and that decreases the octane rating. It's simply not true, if that were the case your octane rating would increase. So the bad news is your gas is not anywhere near 110 octane, but the good news is you should be able to use it in any engine with normal compression. My guess is you now have high test pump gas, around 90-94 octane, maybe less who knows.
About your question, yes mix it in smaller amounts with the pump gas and you're fine.