I believe the thought is totally backwards to reality.
Modern HD oils, and premium oils.. are made to keep particles suspended and keep them from clumping.... They have cleaning agents.... They don't have volatile components that vaporize off and cause the oil to thicken. so hot or cold, should in theory make no difference. However warmer oil will flow a bit better and should drain better. Ironically these oils keep the contaminates suspended in any temperature. So the only oil that you could drain cold, is this kind of oil.
Cheap oils wax out and leave sediments behind when they cool down, so the HOTTER the oil, the better for getting the oil, and the heavier paraffin molecule chains out of the engine. These oils have no cleaning additives and additives to fight corrosion or moisture. These oils have thin components that vaporize off so that the oil gets thicker over time. So again, warmer oil will remove more moisture over a cold engine and help thin the thicker remains. Professional racers ALWAYS drain the oil immediately after a hard track run, at its hottest, to get the most contaminants out. Cooling only allowed them to settle out of the oil, and therefore they stayed in the engine as sludge.
For my money, I will hedge towards old thinking, to get the best drain possible, removing more of moisture and contaminants. I will always try to drain warmer or hot. Running a "BETTER" oil is more important however than the drain temperature.
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Today's Featured Article - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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