That sounds pretty high. And to think, some people are probably running 5w30 dino in those engines, thanks to GM's asinine recommendation due to CAFE.
I believe 195F is the ideal oil temperature. At least that is what Dave at Red Line told me...ideally, that should be the temp at the cooler outlet (if present).
My oil sump temp varies with ambient. It has a oil to air, stand alone cooler from factory. I'm running ~190F once fully warm in the summer. In the winter, if I drive easy and not on highway, it only gets to ~175F. I have yet to get it too much above 200F no matter how much I abuse it. Don't have much opportunity to run it extremely hard for a long time on public roads though. The cooler thermostat completely opens around 220F.
Personally I don't think I would even run a 10w30 in that motor if that's the kind of oil temps it sees regularly. Maybe in a synth only.