"Even if someone does a lot of full throttle driving though? This is where I'd be concerned with using a 0w20 oil. I think it would work well for normal driving, but for someone who likes to rev out the engine a few times a day, it could be a recipe for more wear. "
OK, Patman is going to make me further qualify a "Daily Driver."
Daily Driver
1. Modern Four or Six cylinder Water-cooled engine between say 1.6L and 4.0L, non turbo.
2. Driver allows a 15 second stabilization period before driving off.
3. Driver accelerates slowly into and mixes with merging traffing.
4. No rabbit starts or overreving except for occasional misshift. No lugging.
5. Radiator is drained and refreshed every two years and oil changes every 5k.
7. Driving is from work to home and back with occasional trip to grocery store.
8. No pulling of loads or car overloaded at any time.
9. Does not race car.
For racing or occasional racing and pulling loads where higher than normal heating may occur, a higher viscosity oil is probably needed.
One has to also consider this fact in an historical setting: The older higher-viscosity oils were needed because the film thickness was provided mainly by the film's viscosity. With the more modern oils, the newer boundary additives supplement the thinner films.
A study was done on oil rheology (I'll have to find the paper) which showed that even with Group III oils, if those oils had the proper boundary adds, such as Moly DTC, the wear was equal to or less than higher viscosity oils with substandard additive packages.
Running a higher viscosity oil than necessary in a daily driver with 30% tighter clearances, is simply going to result in higher viscous heating of the oil with a resulting decrease in the oil flow and slightly lower average mpg. Sure, oil pressure may go up, but oil flow may be slower.