I don't believe there's any advantage to being outside the levels marked on the dipstick. I do think it's bad to have too much oil in your engine, as well as too little. If racers have more oil, it's because they have larger pans, not because they overfilled the crankcase.
The oil pump draws from the lowest point in the pan. If your oil level is even with the lowest line on your dipstick when measured on level ground, Your engine should not be starved of oil unless you've layed your car on it's side or flipped over already, and at that point, concern about oil starvation should be a lot lower on your list of worries.
When I was younger and stupider, one time I hit something in the road that punched a hole in my low hanging oil filter. I had an oil pressure gauge, and I saw it go to zero, but I kept driving till I got home. I replaced the damaged filter, filled up the oil, and never noticed any ill effects from the episode. I never opened up that engine to see if there was scarring, but I drove that car for many tens of thousands of miles after that, and never had a problem.
Another time in another car, I had the oil light start flickering on for no apparent reason, and I stopped and checked the oil, but the level showed full. I put more oil in anyway to try to get to a place where I could check it out under better conditions, and that trip ended with holes being blown out both sides of that engine. I did open that one up out of curiosity, and all the pistons were whole, but one was seized. I've since wondered if I blew that engine by putting too much oil in to the point where the pistons couldn't freely move downward because there was oil where there should have been air. Air compresses. Oil does not. I don't know the answer.
If you purposely overfill your crankcase, I don't expect my misadventures to change your mind, and if you figure that because I ran my engine with no oil in it, then you might be able to get away with it too, then you must be as young and stupid as I was a long time ago.
Anyway, I figure that the people that designed the engine have much better reasons for recommending certain oil levels, than I have for going outside those recommended levels.
But that's just me...
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