RE: Why more oil in a bushed engine?
Evaporative cooling may not always be the case. Engines don't run on liquids. They run on vapors. I think by the time the fuel hits the crank shaft, which should be plenty warm due to thermal conductivity from the piston, it will vaporize. That shouldn't do much for the rest of the engine.
Gasoline engines, in this particular example, your average 4 stroke, the reason they run hotter with a leaner mixture is the oil film is burned off by the thirsty combustion, creating additional friction.
I have the feeling that if you run a low or no oil destruction test (which is very fun, especially on a Chevy V8) chances are the piston will lock istelf up before much else happens. it shouldn't take very long. If you're lucky, you might break the connecting rod.