Don't some drag racers make runs on a cold engine? I could have sworn I have heard of that theory somewhere in my past. Since you are a dyno guy, can a cold engine make more power? even with thin 0w-30 oil?
If the "cold" is in reference to water temps, yes, back in the day when at the drags many of the quicker cars would hose down the rad, keep the electric fan going getting that water temp down, oil, not so much. I used ice in the cool can, and would ice down the intake and push it to the line, got my best ET's that way (11.1). Also graded down and pulled a few quarts as well.
Some engines make more power with cooler water temps, some loose power, depends.
Im not a scientist,but I watch that enginemasters show with brule.
He operates the dyno all day long and I think I caught him say he waits until its 130*.
Dont know if that was water or oil temp,he didnt specify.
We usually get the oil temps to 170-180* and then give it a "drink" to get the water at 145/60 ish and full pull once stabilized. I bet it was the water temps he was referring.
One thing is for sure, never saw more hp or tq from oil that was not up to temp, but saw losses in the double digits, most times a "backup" pull gives better numbers, even though the temps on both are up.