I think you are talking about a Super/Stock trick they use in the FINAL ROUND. It is worth a few horsepower. To me it is not worth the gamble.
I do like to run oil a little below the full mark with a big oil pan but that is just to get the oil futher away from the spinning crank. Has nothing to do with trying to make more horsepower. If it does I don't car. I seek better oil control is my reasons. It is probably woth a few more ponies though.
i SUGGEST THAT IF YOU ARE RUNNING A RACE ENGINE WITH LESS THAN 7 QTS YOU NEED AN OIL ACCUMALATOR FOR EMERGENCIES. Opps caps.
Ed