I agree that if you have a decent oil cooling system thinner oils will run cooler. This is because they shed heat better. But if your oil cooling system sucks, say for example the OEM oil cooler, it won’t make much difference.
Redline oils, like Brad Penn oil, have such terrific high temp shear #"s that I agree with Fish that Redline oil can be run a little light. That is to say, if you are now running an average xW50, you’ll get the high temp shear #'s out of a Redline xW40. All else being equal, lighter oils have lower high temp shear #'s. But some oils have such particularly good high temp shear #'s that you can drop a visc grade w/o lowering your high temp shear (HTHS)
I have 7-8qts of Redline 20W50 looking for a good home btw.
I don’t agree that cooler tstat will make your engine run cooler tho. An OEM 180deg tstat is fully open at 190deg. So if your coolant is 200deg on a hot day, then the 170deg tstat isn’t going to help any.
Now if your engine is 185deg at full hot with a 180deg tstat, then a 170deg tstat will make it run a little cooler.
I think that all this is irrelevant tho. The key point is that the OEM OP port is an unsuitable location to measure oil temp. Like Chuck my favorite place to measure oil temp is the pan. Weld a bung into the right side of the pan, just as low as you can safely put it. Then put the temp sensor in the bung.