[jluetjen]

As far as the oil temperature required to red-line, I don't think the issue is in the engine so much as in the external oil accessories such as the cooler. Once the engine has run for a few thousand rev's (1 or 2 minutes) I'm pretty sure that the oil pressures are adequate to keep everything lubed. They may even be a bit high because of the potentially increased thickness of the relatively "cool" oil. At the same time I suspect that the drag from the oil pump will be higher due to the higher pressures and thickness of the oil. Of course the spec's of the particular oil that you are using will have an affect on all of this.

The external things such as the oil cooler would be my concern. Let's say that the oil thermostat is closed. The oil in the lines to the front cooler is lets say -- 20 degrees and fairly thick, while the motor is being spun up to redline. As soon as that thermostat opens, a lot of hot oil at "high" pressure will be rushing it's way to the front cooler with a slug of cold oil sitting in front of it that doesn't want to go so fast. The weakest link in the system will be at risk of failing -- that could be a weak joint in the cooler, maybe a area which has had some slight corrosion, or maybe just an area where the aluminum is a little thinner in the cooler. After enough abuse, that weak joint will just give up and then you have a real problem: oil spewing on the tires, a sudden drop in oil pressure, etc. etc.

Once or twice may not do it -- but are you feeling lucky? Avoiding issues like this is known as "mechanical sympothy" and all of the truely great drivers had it.
That being said, I'd agree that once the engine temperatures have stabilized and all of the circuits have opened, I'm not convinced that it's an issue to red-line the motor.