I've been thinking about oil pressure, and here is my understanding of what is happening. I hope any misperceptions will be corrected.
Oil travels through passageways inside the engine, providing lubrication to all moving metal parts. The oil pump pushes the oil through these "tunnels", and the oil pressure is a function of how difficult it is for the pump to push the oil.
Thicker oil (higher viscosity) will not flow as easily. This means the oil pump pushes harder, and this results in higher oil pressure. Thinner oil obviously flows easier, and less pressure is required to push it.
Once the oil gets to the metal interfaces, it fills spaces between the metal parts, so rather than metal contacting metal, the oil provides a film between the metal parts, thus preventing wear. If there is any grit in the oil, it will act as sandpaper at this point, resulting in the metal parts wearing.
If the oil is very thick, it will circulate slower, and this results in higher engine temperature. Lubrication at higher RPMs may be inadequate.
If the oil it too thin, the engine will run cooler, but the lubricating film may break down at higher temperatures.
This is a good web site to read if you want to know everything about engine oils. Some of the information is pretty technical, but the tables of data comparing major oils are interesting and helpful.
http://www.repairfaq.org/filipg/AUTO/F_oil_facts.html#OILFACTS_002Joe