There's benefits to boutique oils other than just wear protection. I switched from Mobil 1 5w-30 to Driven LS30 5w-30 in an old 289 SBF and the idle increased by 60 rpm. I actually had to bump the idle screw on the carb to bring the idle back down to 700 rpm. That's because of the much lower friction coefficient. I've found oils that contain high amounts of MoDTC and other Moly-based friction reducers (600+ ppm) have worked very well at quietening the dreaded piston slap noise from the LS-based engines. Granted it's not a noise to be concerned about, but it's still annoying. I've found higher end oils to operate at lower temperatures (as much as 10*F cooler) compared to generic API synthetics which I'm sure is a result of a lower friction coefficient and better ability to shed heat. The extremely low NOACK (<6%) of the high end oils helps keep down oil consumption and helps keep carbon deposits out of the intake, ports, and chambers. The higher end PAO/POE synthetics resist aeration and foaming better as well (more of a concern in the racing industry, but still a plus). With more effective anti-oxidants, and base oils that are naturally more resistant to oxidation, longer oil change intervals are easily achieved.
API / ILSAC, while being a decent bare bones minimum for oil performance, is heavily restricted due to emissions concerns. Limits to phosphorus and sulfur greatly limit the oil's performance. That's not something that interests me. That's why I use oils from companies like High Performance Lubricants and Driven.