All engines can run to the OEM redline or Rev Limiter, well, not quite "all day long" as that is a racing duty cycle, but certainly as often as you want shifting gears or occasional runups. It should not affect your OCI in any way unless, as mentioned, you're racing and holding the motor there for extended periods of time (as in hours, not minutes). That requires changing oil after every race.
OEMs determine the redline based on what the motor can rev to on a regular basis. It is not some exotic performance level that should be treated gingerly. If you modify the OEM rev limit to beyond the factory specified RPM, you invite damage but even then, moderate increases are probably OK. You can calculate a safe RPM limit if you punch in the stroke, piston weight, rod length, etc into an automotive calculator. Many engines have conservative rev limits, while others are already near the safe RPM limit based on those criteria.
A conservative piston speed is about 3,500 feet per minute. Many OEM redlines are below that speed, so there is often room to safely increase a factory redline.
4,000 fpm is probably the maximum you would want to go with a stock engine with cast pistons, and that is possibly in engine damage range, with conventional pistons, rods and conventional crankshaft. Valve float may also be an issue. Modified engines (race parts and clearances) with forged pistons, high strength rods and forged crankshaft could probably handle 5500 fpm (typical drag race engine piston speeds, remember that is for about 30 seconds total exposure (burnout & race).
The most likely failure item is the rods. The stress is greatest as they decelerate towards top dead centre (the weight of the piston is pulling the rod apart then; the rods can handle quite a bit of pushing stress).
A NASCAR engine which redlines at about 11000 RPM has roughly the same stresses as a Formula1 engine at 21,000 RPM, due to the variables mentioned. So there is no "automatic" RPM that every OEM engine is safe at. You need to do the math to find out.
Also, it's extremely common with OEM tachometers for the tach to read low. So for example your 7200 RPM indicated might only be 7000.
In my Miata I have the Rev Limiter set at 7,450, which is 450 RPM above the factory redline of 7,000 and a piston speed of 3,450 fpm; stock pistons, rods and crank (all Miatas have forged cranks).
The original engine (1.6l) had a factory redline of 7,200, and that motor saw the rev limiter regularly. I had bought a replacement 1.8 motor for that car, and planned to run it until it broke before replacing it, but got tired of waiting. I pulled that running motor at 280,000 km
rice ratio.
