Nothing on the road spends most of its life at 7,000 RPM. In fact, most of the time, most engines are between idle and 3,500 RPM. Not really sure that your discussion of the hydraulic wedge characteristics is accurate. You are conflating hydraulic wedge characteristics with the weight of the oil and making the point that higher viscosities might provide better function at very high RPM. Then you are suggesting that higher viscosity oils won't function properly at lower operating temperatures because "a lot of the oil doesn't make it through the bearings." This might seem true, but the fact of the matter is that any oil between 0W8 and 20W50 will flow through the bearings of any internal combustion vehicle on the road without ill-effect.
Okay, I’m not sure where to start.
I didn’t say anything about road engines, I said engines. How many “road engines” call for 50 weight oil? Not many, however there are plenty of of engines that call for 50 weight oil if you track the car but 30 weight for the street. Why? Clearances don’t change just because it’s on the track, but RPM and oil temp does.
As for thicker oil in the bearings. Again, only so much oil will fit in the bearing clearance. The ticker it is the more that gets bypassed at the pump or squeezes out from the side of the bearings. The oil that squeezes out removes about half the heat that the oil that makes it around the bearings.
From a hydraulic wedge/metal to metal contact, it’s fine. Why? Because the the oil has the clearance full, so there isn’t going to be metal to metal. However, bearing design and oil viscosity calculations also has an oil volume rate TROUGH the bearings to cool the bearing. When the thick oil bypasses, at pump or squeezing out, the bearing temp will actually run hotter. This leads to bearing surface cracking.
I’m traveling right now and don’t have my bearings design books with me to quote it, however I’ll post a couple pictures I have. First is the graph that shows rate, temp and heat removed for a different rates for SAE 20 weight.
The next picture is K1 that also discusses oil flow rate and bearing temp. Same for the king bearing picture.
So again, there’s more to bearing design and viscosity than the simple rule of thumb or “thicker is better”.