A bit of info gleaned from one of my MG buddies in the Oil industry.
What is the importance of viscosity in my engine?
The viscosity will determine how easily the oil is pumped to the working components, how easily it will pass through the filter, and how quickly it will drain back to the engine. The lower the viscosity the easier all this will happen. That is why cold starts are so critical to an engine because the oil is cold, so relatively thick.
But, the lower the viscosity, the less the load the oil can support at the bearing on the crankshaft. The higher the viscosity, the better the load support. Even this, however, has a trade-off, since the higher the viscosity, the more the drag at the bearing, and hence, potential power loss. So a compromise is chosen to minimise power loss, but maximise load support. Stick to the recommended viscosity for your engine.
For domestic use, engine life is important. For motorsport, engine life is not critical, winning is, so these high performance engines use lower viscosity oils to maximise power output to the wheels.
How is viscosity rated on an engine oil?
The Society of Automotive Engineers (SAE) developed a scale for both engine and transmission oils. The measurement is undertaken in a laboratory in accordance with the American Standards and Tests Methods (ASTM) and is usually rated from 0 to as high as 60 for engine oils and from 75 to 100 for gear oils. A 40 engine oil has a similar viscosity to a 90 gear oil.
Typical steps are 0W, 5W, 10W, 15W, 20W, 30, 40, 50 60 for engines and 75W, 80, 90 and 100 for transmissions.
What is a multi-grade oil?
Until the early 60's, most oils were a mono-grade, typically either a 30, 40 or 50 grade viscosity. The higher the ambient temperature, the higher the number used. This did mean that a cold start could be quite damaging for an engine, so in Winter, the oil would have to be drained and replaced with a lower viscosity oil.
Multi-grade oils were developed to allow year round use. They are typified by a two number system with a W. For example, 10W30. The first number refers to the viscosity of the base oil used, and W is generally understood to mean Winter (although some suggest W for Weight of the base stock). To achieve a useful viscosity at operating or warm temperatures, the 10W has additives (also known as Viscosity Index Improvers), which are like tightly wound coils that unwind as the oil warms up. The expanding coil causes the viscosity to increase and perform like a thicker oil. However, over time, these additives become susceptible to shear and lose some of their performance.
Historically, with older engines having looser clearances, and especially in the Mini/1100's with the gearbox in the sump, these engines still generally require a thicker oil such as a 20W50 or 15W40, unlike modern cars which run on 10W30 or even 0W30.
I think the last paragrapgh is probably the one we're interested in "older engines"
Mike