So if my oil pressure stays at 70 until I run it hard for a exteneded time and drops to 40 , its because the oil temp is heating up and breaking down the viscosity of the oil
?
Well sort of but for the most part, yeah. The viscosity does not "break down" but more like lowers on the index...Breaking down sort of makes me think that it wont come back, it does...
Running a multi vis oil can make slop count the same as skill, but it needs to be thought of carefully.... FWIW 20W-50 means 20 wt when it is cold (W=winter) and 50 wt when it heats up to its optimum operating temp....Pass that and it drops back down (get's thinner)...
If your warm motors oil pressure is normally say 50 pounds and after a hard run the oil pressure drops by say 10 pounds, then your viscosity index has dropped by 20%...
The only way to know for sure is with an oil temperature gauge.
I would not be alarmed unless the pressure really drops below say a 50% index (in other words if normal "warm" oil runs at 50 PSI and hot drops to 25 PSI)...
You have to keep in mind the oil on say a big block Chevy does not hit a cooled area of the block anywhere but where the oil can splash up on the under side of the cylinders and the pistons are stupid hot....Add to that foamy or aerated liquid and it really does not want to give it's heat up....
The coolest place the oil touches is while it is in the area in the head and it is not there long. Then we try to control windage by installing a tray and whatnot adding further to the issue....

Oil coolers are the bomb... But can be over done. I really like a 200-240 degree oil temp with a 140 degree water temp, but I have been told I am not normal

Keeping it on the dry side on a marine application will keep the engines interior from developing rust/oxidization. It really depends how hard and for how long you are going to run it...
Don't take what I say as gospel, it's different strokes for different folks....I also run synthetic oils which are more hearty on the higher end of the scale as far as temps.... Dinosaur piss is a different story.

GT