Consider the overall lubrication system and how it all works together, with oil as but one part of it. The pump is designed to put out a greater flow at a higher pressure than the engine really needs, to allow for spikes in demand, and this is controlled by a pressure relief valve. One pressure factor that seems to get overlooked is the speed with which oil "escapes" from the pressurized part of the system. If there's an internal leak, or if the oil is so thin that it moves through and escapes too quickly, then you'd probably see a pressure drop. When it sets off warnings is a matter of the calibration of the sensor.
Like any liquid, oil, thick or thin, is a non-compressible fluid (gasses being the compressible type of fluid). As such, it cannot be "crammed" into a smaller volume. So, as long as there's enough pressure to keep oil where it's supposed to be, I'd think that any oil should be able to keep parts separated. My big question is at which point does an oil become so thin that it can escape the pressure "circuit" so quickly that pressure drops and the ability to keep parts separated is compromised.