It is a case of matching your oil viscosity to your running temp too that is important.
Yes that's absolutely true - good point - remember though that the upper number of your oil (e.g. 5W50 or 5W30) refers to the viscosity at 100 degrees, so a 30 grade will be less viscous than the 50 grade at high temperatures.
When I was at Cosworth, we ran 5W30 oils to about 160 degrees to see when they started to degrade as part of oil system prove out, durabilty process and also to get an idea of what temperature the main and big end bearing film thickness went below the critical limit that had been set (normally below 1 micron), but this was a real extreme - so don't try this at home...!
Best sticking with higher viscosity grades for track use for a good factor of safety in case you encounter high temps.