Can your engine run too cool?

[acindrich]

My car has a stroked 302 in it and I drove it yesterday, mid day, in 94 degree temperatures on a round trip journey of about 90 miles at freeway speeds. It's a Kirkham car with their standard water cooling set-up (radiator, hoses, etc.) but has a remote oil cooler as well. My water temp pegged at 92 degrees the whole time but my oil temp I had a hard time getting past 70 degrees. I drove it last night at dusk and was getting a reading of about 65 degrees on the guage. If I go up the canyon it also barely moves. I've heard that oil that is too cool is not viscous enough to be effective. Is this anything for me to worry about? My little brothers 427 car essentially runs with 90 degree temps for both water and oil. I'm convinced that with harder driving I can get the oil temp up and I do if I run around in third gear all the time. But for just daily driving on the freeway should I be concerned that the oil is not "hot"?