15W-50 is an ideal oil for very hot engines. I've mentioned my Honda water pump failures due to overheating. I was de-watering my overgrown FL acreage property prior to environmental evaluation... (you get the idea). The pumps ran 24/7 and both failed on conventional oil. Honda was good enough to honor the warranty, and yes, I changed the oil every day. They got so hot, the oil was water thin and full of glitter after a day's use.
The replacement pump ended up being a Kawasaki, and fed 15W-50. It's still in good running condition, despite it's age. An even higher number of hours than the Honda pumps survived. That's 100% due to the oil choice for my conditions.
My Subaru 11HP generator uses M1, 15W-50 also. It's been seriously abused, during the construction of my house, and during 4 hurricanes. One of which had us out of power for 6 months. It's oil temperature runs as much as 265 degrees F. Many thousands of trouble free hours. (guessing near 4500)
As a very general rule, the classic straight 30 motor oil that OPE typically used had an HTHS of 3.8. Today's 5w30 oils fall short at about 3.1.
So, I'd put it this way, "IF" you have an older engine, or an engine with known high oil temperature, or one that is subject to very hot conditions (such as a generator in stagnant air after a South Florida Hurricane) choose an oil with an HTHS of at least 3.8.
M1, 15W-50 is, I think, 4.5 HTHS. And, no it's not too thick for air cooled engines.
I might add that I use a HF thermocouple and simply dip it in the oil after a run. It's interesting to note which engines run hot and which don't. Tecumseh bush hog runs HOT, I've seen 270! Honda 190 mower, nowhere near as hot at about 210. Honda 390 pressure washer, about 220. I should make a chart.