Originally Posted by
downunder
The
only thing oil does is reduce the friction inside the engine. It doesn't carry away any appreciable amount of heat because each rev there's such a tiny amount of oil going out the exhaust. If your engine runs cooler by using more oil then there wasn't enough in the fuel in the first place.
This'll start some arguments 
(in the voice of Morgan Freeman) "...But in fact, thru the years, this did not start any arguments..."
just in case you're wondering, I came across this post 'cause I'm also wanting to mix my own fuel... good thread.