Alex "In simple terms the 15/40 oil will be thicker when hot, thus giving you slightly higher oil pressure reading (but not necessarily better lubrication properties)."
I don't think this is the right way around. The oil will be thicker when cold.
The oil acts as a hydraulic cushion between surfaces. Thicker oils are more suitable when the gap between bearing surfaces is large, thinner oils are better when they are small (tighter tolerances).
Thick oil causes more drag and does not circulate as easy.
Modern engines require thinner oils because of the tighter tolerances to which they have been made.
The correct oil to use is the grade recommended by the engine manufacturer for the engine and type of use.
I use straight SAE 30 or 20/50 in my BMC 1500. I have been told that using high performance oils with lots of additives causes bores to glaze up, since they tend to idle for long periods. The API number indicates the level of additives. API CC has low additives and I use this. Can't remember other grades , but EE EF etc would have more additives,detergents etc. for use in turbo diesels, lorries etc.
One other point , a straight oil ie. SAE 30 or 40 will maintain its viscosity for longer, whereas multigrades can deteriorate quickly of overheated, or get chopped up by camshafts etc.