Steven - It looks like you have a good handle on lubricants...it is a lot to plow through and just might change your mind about using a 50W oil. Here's something to consider....take a look at this chart:
http://63.240.161.99/motoroil/oildatasheets.html
Lets compare viscosity at 40 deg C and 100 deg C for Castrol 5W-30 and Castrol 5W-50:
Castrol Syntec 5W-30
40 deg C - 53 centistrokes
100 deg C - 9.7 centistrokes
Castrol Syntec 5W-50
40 deg C - 110 centistrokes
100 deg C - 17.5 centistrokes
As you can see, there is a significant difference in viscosity...a 108% increase at 40 deg C and an 80% increase at 100 deg C. Keep in mind the lower number means the oil is going to thicken less when cold...the lower the number, the less it thickens. However, this number applies to
oil in grade...a multi-grade 50W oil is still a 50W oil and is thicker as a result. Therefore the 5W rating on a 5W-50 is much thicker than the 5W rating on a 5W-30. A 5W-50 oil will not flow through the bearing clearances as well as a 5W-30 to maintain the oil film thickness required to keep your bearings doing their job.
Now, take a look at the chart again...true synthetics (Group IV & V) like Redline, Amsoil, and Royal Purple are actually a bit thicker than Castrol Syntec (in grade...5W-30 for example) for viscosity at 40 deg C and 100 deg C. About 62-65 centistrokes at 40 deg C and 10.6-11.7 at 100 deg C for all 3 synthetics. Of course this has a lot to do with the way the oil is formulated, but does shoot down one of the most common things you hear about synthetics..."synthetics are thinner than mineral oil"...it's simply not true.
Concerning the localized heat caused by friction inside the bearing. Would it not be better to have the flow to keep the bearings cool? That is one of the functions of oil in any motor and in a high HP 7M, it's even more so. The ability to maintain oil film thickness of a 30W multi-grade is superior to a 50W multi-grade...if the problem is heat (one part of the puzzle), the ability of the 30W to flow will help keep the bearings cool and at the 100 deg C operating temperature. A better alternative (vs. using a 5W-50) would be to upgrade the oil cooler to handle the extra heat from a built 7M engine.
IMO a 0W-30 or 5W-30 full synthetic is a better choice for your engine in the climate you have in Toronto. If you have a lot of miles on your motor, use a 40W multi-grade with the lowest cold rating you can get. You will lose some oil pressure compared to the 5W-50 you're running now, but you will gain flow and that's what you want...keep in mind the 7M oil system is a low pressure, high volume system. As long as you are getting 30-40 psi of pressure at 3,000 rpm (assuming street use) the lower weight oil will be better for your engine.
Yes...Castrol Syntec (except the German Castrol I mentioned) is just a hydrocracked crude plus additives...a Group III oil. Castrol Syntec is not made with PAO (polyalphaolefin) synthetic molecule base stock, yet because of legal finagling with the definition of synthesized motor oils they can legally be called synthetic. It looks like Mobil 1 is heading down the same path...it's a rip-off IMO to pay synthetic prices for a Group III oil. Not that Castrol Syntec is a bad oil...it's the price they charge...I expect to get what I pay for. If you have access to a spectrometer, that's outstanding....I would love to get an independent confirmation to see if Exxon is pulling the same trick as Castrol.
Here's a couple of links for you....the 1st is by Dr Haas. He has a few high end toys and knows more about motor oil than I ever will. The 2nd is to an oil forum I look at from time to time...as with any forum, there's a lot of opinions and conjecture, but has a lot of good info too.
http://63.240.161.99/motoroil/
http://www.bobistheoilguy.com/
tekdeus - No offense, but there would be a blizzard in hell before I would use any oil additive. Modern synthetics have a robust additive pack and there is no need for any additional additive. I don't know about Bi-Tron, but Slick 50 is simply chunks of teflon in suspension...Lucas will emulsify causing all kind of problems. The only thing I would ever do is add a half quart of an POE (ester) base stock oil to a PAO oil as a seal conditioner and even that is really unnecessary. IMO, oil additives are just a lot of marketing hype to get my hard earned $$$.