Probably a better question to ask is whether the thicker oils have a higher or lower heat capacity than the thinner oils do. The higher the heat capacity the fluid has, the more heat it can absorb (and consequently release after carrying the heat out of the engine). (You need a good oil cooler to then transfer that heat out as well, otherwise it is mainly just moving it away from the hotspots and around the rest of the engine).
If an oil had a low heat capacity it would flow right over a hot surface and not pick up much heat (and not increase much in temp either), leaving the bulk of the job to the cooling system.
Antifreeze systems require a 50/50 mix of water because the water has the higher heat capacity of the two fluids, the water is doing the bulk of the heat transfer there.
The higher viscosity oil will have the higher viscosity at the engine operating temp regardless,which is the point of using a higher viscosity oil in the first place...if your priority is on metal protection.
There is more fluid friction internal to a higher viscosity oil than there is to a lower viscosity oil, but this should not be confused with the surface friction that is the focus of the METAL PROTECTION question.
[ June 25, 2002, 07:03 AM: Message edited by: ZR2RANDO ]