How is the oil system itself accounted for? Flow rates, for example. What if anything can account for the finish in oil passages with sand cast? Are they just over sized or machined? I would guess they are sized for a viscosity range. Do the oil holes for rods or mains act as orifices, that is, is cavitation a consideration?
In the most basic of systems (fixed displacement PD and tied to RPM) and in layman’s English, here is how this works (maybe sacrificing a wee bit of technical accuracy but we are not measuring nanometers)
Liquids do compress and factors such as surface tension, viscosity, temp, Sg etc determine how hard they get and the EHD “wedge” has “x” volume on the front and increases in velocity on the way out.
During that cycle you have a minimum of 3 laminar flows combatting each other.
The flow on the smaller surface with the smaller surface feet per minute contact.
The flow on the outer surface with a larger SFPM contact
The buffer layer in the middle which acts like a shock absorber and is the primary maintainer of the MOFT. ( It is usually absorbing the heat generated by the other two and cooling it to a degree)
All of that is a calculated value in terms of volume and velocity the pump has to provide in all operating envelopes to maintain the proper MOFT.
My experiences with passages in machines ( with the exclusion of high speed precision spindles and similar) is to regard them as rough pipe ( in terms of flow friction) and size the pump accordingly.
“Sized accordingly” means whatever the OEM says it means so be careful there.
This is why when you have wear (dimensions open),, significantly change heat, RPM’s, Load or viscosity, pressure changes ( and flow along with it to a degree)
I can’t speak to automotive application but the oil holes and passages do act like orifices ( fixed flow regulators) to add a little bit of back pressure right before it enters the tolerance chamber ( like releasing spring tension at the moment of truth but in a metered controlled way to avoid whirl or potential cavitation)
Cavitation in an oil system is very unlikely except in the bearings where various wears or other misalignments can create zones where pressure aberrations can occur.
I know I add 100% ish and size the pilot relief accordingly and I’m sure automotive engineers do something similar to cover all reasonable operating envelopes.
Now to the ‘mysterious magically changing MOFT”
In true EHD there is no metal to metal contact ( we need to remove ramp up and ramp down thermal expansion and all those things because there will be some contact in those periods- in true steady state is where everything lives after that) but nothing is perfect and neither is tribology so there is some contact.
If all things previously discussed stay even (very big if) then changing a viscosity alone (no other property) won’t affect anything but the parasitic load it takes to pump it ( this is assuming the viscosity is capable of generating the MOFT necessary with the lubrication pump and system set up- but that’s not a property of the oil)
Now come the special cases and exceptions- (too many to list but here are some)
If there is a multi-grade oil that meets the lab spec but your actual running condition is different- you may have a problem
Engine now has 175k miles and tolerances are opened- you may have the flow but not the back pressure in the journals so can’t achieve or hold MOFT in all conditions.
To sum it up
In engine “X”- thinner ( or thicker) oils because they are thicker or thinner will have no effect on anything except consuming the energy required to pump them PROVIDED the viscosity selected is within whatever requirements the engine is built and used for. ( that puts the “magnum onus” on the person doing the selecting to do the proper up front engineering- not on the name on the bottle)
To not do the proper up front engineering to decide the optimum viscosity for your specific application is playing roulette- best of luck.
The question as stated in the OP is both yes and no depending on everything else and coming to the proper conclusion as to viscosity is or isn’t “bad” is an engineering exercise not a parliamentary or democratic one.