There is no doubt that temperature affects oil flow characteristics; that's why the viscosity used should be changed with region. Cold starts can be aided by 5W30 oil in colder climates. Hot climates need a 10W40 or 10W50 oil to handle the upper temperatures.
It would be really interesting to have oil temperature as a gauge but I really do feel that the cycling of the thermatic fan deals with most engine temperature issues. As coolant is cooled water jackets then cool the block and head and naturally the oil is cooled as a by product of this process.






