The dependence on one or two parameters of an oil probably won’t lead to harm, but are not necessarily a predictable path to optimization.
Indeed, because Dr Rudnick's wear modeling also makes it quite clear that the HTHS role is only consequential once you're into full film EHD (elastohydrodynamic) lube. If you're at boundary/mixed lubrication (BML), HTHS cannot save you.
Thus, the overall ideal viscosity comes down to the fraction of time your engine will spend in EHD vs BML. The longer your oil pressure delay, the more the total balance shifts. For example, in my Accord's usage as a mostly-loafing commuter with no bitter cold starts (and the cold starts that happen are few and a small fraction of total usage), the startup consideration is only 30% of the total wear budget.
Contrast that with the use case of my Dad in ND, whose daily morning commute start can be -10F. In his case, the cold start delay to re-establish EHD shifts the BML portion of the wear budget to be nearly 80% because his car see essentially no usage other than a cold start followed by a 30 min commute at expressway speeds.
So-- within the part of the wear budget that HTHS matters (EHD), then HTHS really does move the needle. Worst vs best could be 35% difference or more. (say, 0w-20 vs 20w-50). But if that EHD portion is not the predominant part of your application and you oil delays >2.5 seconds as a large fraction of your usage, the BML dominates and HTHS doesn't matter that much.
Thus the adage "as thin as necessary, as thick as possible."
When in BML for a cold start, however, things like having 600ppm moly (HPL oils) can cut wear during BML that it's a net win vs a slightly thinner oil. For example, at 10F, my 15w-40 HPL with 600+ ppm of moly will actually have a good bit less startup wear than than a 5w-30 with no moly in it, because that temperature is not cold enough to cause the 15w to have excessive delay such that the moly doesn't save you.
But at -15F? My 15w-40HPL is going to have enough delay in film recovery that a 0w-30 ESP or 0w-40 Euro FS will far outperform my 15w-40 significantly in cold startup wear. This, even though the ESP has only mid 70s ppm for moly and the 0w-40FS has only a tiny bit more.
Thus,
selecting the best oil must necessarily include use case and duty cycle. If all you do it slow off road trails in hot weather or cruise the highway with the engine running hours on end with never any starts below freezing, grab some HPL 20w-50 and never look back-- crushes the 0w-40FS even in hot wear protection because of the monster HTHS while running super clean because of low aerosol generation and super low volatility (25% or so better wear protection than the M1)
Conversely, if you rarely get the privilege of sustained highway runs, you have brutal ND winters as your daily grind, and you idle very little, the 0w-30 ESP will outperform the 0w-40 FS by about 10% in terms of wear rates. By excelling in the super cold starts that dominate the duty cycle, ESP will best protect that particular use case because it takes less time to re-establish EHD films when super cold-- a difference hidden by the 0W ratings of both oils. (they both meet 0w but do NOT have the same cold oil pressure delay!).
This is why I say that 0w-40 FS is pretty close to a universal oil. Because even in the use cases where it's outperformed, it still does pretty darn good, close enough for most people.
And of course, if you want to triple down on that logic, the HPL Premium Plus PCMO in 5w-50 is probably the truly universal oil for all of earth. The super low pour point of -67F, the high moly content (~450ppm), the high TBN (13.5) capped off by the high HTHS (4.7) make this probably the ultimate "one oil" for everyone. Protects well in BML, flows better cold than many 0ws because of the PAO base, but then shows up to the party with amazing oxidation resistance and an HTHS of 4.7 that lasts.
I'd run that Premium Plus PCMO 5w-50 even in Alaska because it will tolerate very well all the idling that is an inevitable part of living in extreme cold. And yet that same oil can go the distance in Death valley all day every day. Very, very few oils could do that. This particular oil has such an extremely wide performance range that even at its worst it's still pretty close to a highly specialized blend tailored to that niche.
It's not cheap, but if you could buy a pickup truck that would turn track times like a GT3RS, it would also be pretty expensive.