Oh my , this seems to be one of those kinda threads . Right out of the gate Brent there is this thing you keep saying thats just plucking at me every time you say it. "The technology just wasnt there" or words to that effect . Brent you are aware that the Lockheed A-12 Took its first (Publicly released) test flight in 1962 right ? This is where you say this dude is off his rocker  ,whats that got to do with anything... Well it has to do with technology of the Era we are dancing around in here and the Era you say was without some sort of technology to do a thing. This particular plane started life in 1958 . Does anyone reading this thread look at that plane and its stats and say , Man , that was just a rough time in our Technological history ? So the fastest plane the world has ever seen hits the skies in good ole 1962.... With todays technology and the technology of all the years following there has not been one built thats faster or holds the stats that bird has (The SR-71 , the A-12s son).
Around the same time Ford was about to head to Le Mans and I believe it was Barry that posted some information about the test equipment Ford was using at that time. Ford was Dyno testing Engines real time and as close to the real environment as they could , not a few pulls at a good RPM . All of us know how that turned out for Ford . Ford was also doing very well in Stock Car racing at the time. Again , not an environment where the engine sees a few stout blips and is put away for a nice nap. 
I could just keep typing and typing about the different industries at the time and what they were doing and some of these old Boys in this forum were right in the middle of it.  Smart people , Brilliant people , I would argue smarter than folks we have today that are riding the backs of those folks that blazed the trails we travel today. 
If it was needed and there was sufficient funding  , these boys got it done ,  up to and Including defeating the most powerful military on the globe at the time to create this great country and the freedoms we all enjoy today. 
Have we advanced ? Certainly we have . For the better ? Im not sure on that one.
As far as the oiling system..... This is a rabbit hole.... However I will say there indeed must be an "Engine builders hand book" because I hear a ton of the same things from the younger guys . I highly doubt Ford sent engines to Le Mans with off the shelf blocks and unmodified oiling systems , as you say the cave men just made everything bigger , bigger is better . But those cave men go down in history as winning those races and giving us the lineage we enjoy today.
Barry may have some info on the engines they used at that time and what mods they did to them... Hell there may be a few guys around here that know. If you meet your goal and fulfil a need then you succeeded , how you did it matters less than what you accomplished ...  Technology is no more than that.... Years of it.