Oil is the lifeline of an engine as Moribundman states, this lifeline is engineered with fluid levels on a dipstick.
Take a 4 quart oil capacity engine to the full mark, the usual dipstick is calibrated for 1 quart fill from add to full mark.
I have to reason that the engineers deem it safe to run engine on "Add" until one adds the 1 quart to obtain the full mark. (that does not mean I would run the engine at 3 quarts, I run at full mark) If so, then I believe that this 1 quart reserve is engineered to compensate for all driving conditions, engine cooling and safe lubrication. I have to ask, why should one play engineer and go against the factory engineers who design these engines and their lubrication needs, I for one am not qualified to challenge them?
If one overfills 1/2 to 1 1/2 quarts and there is no foam and your crank is not being pelted or your seals over pressured, the engine is not sluggish, then whatever works. I agree with Amkeer though, I have to suggest going with engineer's full mark, I think the 1 quart reserve is safely engineered to do the job for all conditions .
I have seen engines go through all kinds of turmoil such as never being plugged in the cold, excessively long OCI, crap driven out of them etc. Thing is the owner will say "Well it lasted 150K" I then say, "With proper care & maintainance it may have gone 300K" To me it all comes down to common sense, my reasoning tells me to go to the engineer's who designed the engine.
I go to maticulous effort to ensure my oil is at full mark & not over, oil heat, length of oil drain time to pan, ground level all are factors along with consistancy. If I had my choice between overfill or underfill of 1/2 Quart from full mark, I pick 1/2 quart under because I would still be in engineer spec and I would have 1/2 quart reserve oil without excessive air bubbles diluting my oil, my preference and belief only.
Cyprs