It's a nice theory, too bad it's wrong.
Even if you don't change the oil, after ~300km the oil light comes on and you start losing power.










<-- These guys are all invited to this party:
It would be a nice theory if my view was not literally based on first hand observation with my own eyes:
I have only ever done 1 oil change so far and have over 86 hours driven.
My 1 oil change was on a NASCAR car with over 1800 miles driven and the oil was "in good condition" and HP had not dropped from new stock levels.
I just looked at some of my other cars' stats currently:
AMG VGT - 1,050 miles - "Oil is in good condition" and HP has not dropped.
Quattro S1 Pikes PEak '87 - 777 miles - "Oil is in good condition" and HP has not dropped.
Red Bull Junior - 724 miles - "Oil is in good condition" and HP has not dropped.
Corvette Stingray Racer Concept '59 - 338 miles - "Oil is in good condition" and HP has not dropped.
I have not yet seen the oil indicator come on yet for any car.
I have only ever seen the GT-Auto performance boost drop back to normal after a few races and there was no oil indicator telling me the car needed an oil change.
Challenge to anyone: find a picture of the GT Auto Oil Light indicator that has turned orange, yet alone red with the lowest mileage you can.
As far as I'm concerned oil changes are the biggest waste of time. I'd rather drive a car stock without the temporary 5% HP boost than waste time always worrying about oil changes every few races. As far as I can tell tunes should be built around the stock oil because that level never fluctuates for really long periods of time: it might even be 3000 miles like it was in real life back in the 60s before longer lasting oils of today.
Personally I have suspected that the Oil change indicator and the Body Rigidity indicators were accidentally swapped by PD...but that's a discussion for another day.