Pretty sure the OP is trying magically
to fit a smaller large chainring, not a smaller small ring (am assuming a compact or double).
Each tooth less is 2mm lower (12.7/2pi).
The issue is that the braze-on FD, designed with a cage curvature for a 52t ring btw, can't be slid any lower so even over the large ring there's too much gap between the teeth and the cage, leading to inaccurate shifting up and an almost assured regular dropping of the chain, outwards.
I have no solution, short of removing the braze-on and procuring a band-on FD. I wonder whether a triple FD design might reach lower?
ETA: Thinking about this (braze on as is), a maybe 2mm thick steel strip with the right curvatures and drilling might be inserted and bolted to the braze-on. The FD can then be bolted to that, acknowledging that the cage profile would have been moved to the rear those 2mm, with unknown effect on shifting. The forces on the attachment are vertical (the pull of the cable) and with only a ?20mm of distance from the pivot (braze-on point) so the moment is small and an adaptor as described would be well strong enough for purpose.