What do you thing about using 0/20 weight racing oil ...
All the theory is great. But what is happening in your engine when you are focused in that comptitive haze, your gas pedal is on the floor, you are pulling max g's in the corner at 6000 rpm and most of the oil is up in the valve gear or slung to the side or the oil pan away from the oil pickup? Do you want the lightest weight oil or the one that gets you the best mileage? Are you concerned about the car manufacturers meeting their CAFE mileage numbers? Or do you want the one that may be slightly thicker but gives you better rod and main bearing protection during the momentary loss of oil pressure?
In So Cal you are more likely to see higher temperatures where you would want the thicker oil. Unless you plan on racing in Big Bear in the middle of the night in the snow, I wouldn't worry about the better cold start characteristics of the ligher oil.
And yes, I would use Red Line in it in any case, but that's me.