In a liquid cooled engine the heat is generated and mitigated in the head and cylinder block by the coolant. Oil will do some cooling there, but much less than circulating coolant. Oils role more important in the bottom end, here only cooled by oil, and lesser friction may help. Most friction is the cyl/rings, and this is largely loaded into the coolant not the oil. 5-10 degrees lower coolant temp if that may be possible, more likely in a air cooled engine, here oil is more important secondary cooling factor. Total heat loading is the same just the portion going into coolant vs. oil.