The thing of it is, oil temp is very dependent on the engine load, so at low load when you can use more heat you have less and at high load when more heat is in the oil, engine pinging may be a problem. Its true that engine coolant behaves the same way but it has a thermostat that partitions the engine coolant from its reservoir (radiator) holding it at a much more consistent temp. I would think it would get hotter faster as well with coolant.
One thing that I don’t like about the oil idea is you go allot farther on a coolant leak than you will on an oil leak. The potential for catastrophic failure from a busted oil line is a lot higher when you are low on oil than low on coolant.
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