TC,
I'm pretty familiar with the test parameters for the ASTM D-4172, four ball test. What it basically analogs is sliding friction under boundary or "mixed mode" lubrication conditions. In terms of engine operation, it would be most applicable to the high pressure areas in the valvetrain - in particular if you have an OHC or DOHC engine where the cam lobes act directly on the valve lifters.
Results from the four ball test don't correlate at all with bearing wear. This is primarily a function of using the correct viscosity to maintain optimized oil pressure, and making sure the oil is thin enough to flow on cold starts. I also don't think the four ball test will give you much insight into piston ring/cylinder wear, which partially depends on how the very thin oil film holds up to combustion by-products.
The four ball test doesn't take the place of standardized engine sequence testing, but it's a useful screening tool when evaluating anti-wear additive chemistries. As a side note, when the four ball test is used to evaluate gear lubes or ATF, it's normally run @ 75C/167F. However for engine oils, it makes more sense to run it @ 150C/302F, to simulate localized heating effects in high pressure areas.