> Removing the last octet of IPv4 addresses before storing them should provide better privacy.

That doesn't provide any practical amount of privacy. For a longer discussion of why this is at best a placebo, see: https://news.ycombinator.com/item?id=17170468

I solved this my SaaS by internally logging all the requests and then using the Measurement Protocol (https://developers.google.com/analytics/devguides/collection...) to send them from the server-side. While doing that I also set the last digit to 0 and unify user agents and other data that's not important for me.