Yeek! I wouldn't let it go that far. In my view, when the oil can't keep up its viscosity, it is really well and truly dead dead dead! And probably should have been changed a while ago.
I also don't feel that a combination of oil temp and pressure readings off of (fallible) gauges is an accurate enough method to assess the condition of the oil. And getting it wrong can be quite expensive...
Then again, I come from the air-cooled world, and we tend to be really (over?) zealous about changing our oil.
-soD
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