HTHS will always be a function of how shear stable the oil is, not the reverse.
The quality of the base oil, as well the quality of the VI improvers (if any are used), will determine how shear stable the oil is. The term "shear stable" itself can have various meanings.
Permanent shearing results when the molecules of the VI improvers are so compromised that they are unable to regroup and continue their ability to thicken the oil at higher temps. Permanent shearing can also occur (to a much lesser degree) when the base oil molecules themselves are chewed up. This phenomenon generally occurs in transmissions and gear boxes. Temporary shearing occurs at critical high load areas in the engine such as bearings, the cam/lifter interface, and the upper ring area. Here the molecules of the VI improvers can align themselves in such a way that that the viscosity the friction area sees is significantly less than what the oil would be elsewhere in the engine.
IMO, the ideal oil is one with the highest VI possible without the use of VI improvers, no matter what the desired finished viscosity may be. This is the path taken by the blenders of oils used in Formula 1.