The weight of the oil, ie: 5W30 indicates the viscosity (ability to flow) at low and high temperatures and don't have to do with its lubricating properties. Oil needs to be heated to ~170F IIRC to work best at lubricating. Since the majority of engine wear happens at startup, its best to get the oil up to its operating temperature quickly. I just wanted to point out not to overlook the importance of the engine oil to be warm enough to work well.
http://xse.com/leres/ss/oilcooler.html
This links shows an oil cooler installation on a Camaro SS. I should think the same could be applied to a Corvette. He installed a thermostat in his system.
Bob