I presume you are using an oscilloscope because you want to see signals in time domain and e.g. distinguish between different waveforms? Otherwise you could use a level meter or a specrum analyser, depending on the purpose of your measurement.
So the question is if you expect to somehow reconstruct the original signal after downmixing it? If you want to reproduce the phase relation of signal components, you typically need a quadrature mixer (not in every case, depends also on the nature of the input signal).
The classical way to record periodical signals at a lower sampling frequency is time equivalent sampling. It's apparently also done to some extent by your oscilloscope to extend the time resolution when displaying periodical signals, otherwise the combination 100 MHz analog bandwidth with 40 MSPS rate won't make sense. A more extreme ratio is implemented by dedicated samling oscilloscopes that achieve several 10 GHz analog bandwidth with MHz sampling rates.
But the input stage of a sampling oscilloscope has an extremly short aperture time, so the sequence of sampled data points can be easily displayed as time domain signal (with some special tricks). I don't think that it can be done similarly easy with your downmixed signal.