Mitch Alsup is the only one that measured temperature on his car with different weights. Anyone remember what he found? Higher viscosity oil resulted in HIGHER temps in the engine. However, these higher temps are probably not due to friction, they are due to SLOWER FLOW RATES! I don't think viscosity affects the ability of an oil to act as a heat sink, however, it does affect flow rate of the oil past the heat exchange surfaces of the engine. Higher flow rates result in more cooling.
Don't run TOO thick of a viscosity in your car. In fact, you should run the thinnest oil that gets the job done adequately. Thicker isn't better, and too thick can result in increased oil temp, as well as increased wear upon cranking when cold (even 100 degrees ambient temperature is "cold" to an engine), and for the first 10-15 minutes of sub-normal operating temperature operation.