Yes - all the clearances are wider in a colder engine, than a hot one - but a more viscous oil is still not going to flow into these "clearances" as readily or as quickly as a less viscous oil.
To the best of my knowledge, there is no regular oil (non synthetic) that is a 5W-40. That would require so much VII added to it, that it would diminish its function as a lubricant - The long-chain polymers referred to in TwistedKestral's post, have zero lubricating ability. This is one of the reasons that you won't find a regular (dino) oil for diesel applications, lighter than 15W. Mack, Cummins, Detroit, etc. haven't been able to get an oil built, in 10W-40, that can stand up to the loads their diesels put on the oil - best they can do, is a 15W. Synthetic, on the other hand - because it requires no VII's, you can get a 5W, or even a 0W for HDEO applications.
I suspect that the reason that 10W-40 shows up as a recommendation in the owner’s manual, is that, if they said you should use a 5W, or a 0W - they are basically saying you should be using synthetic oil and not "regular" oil. Porsche, BMW, etc. can get away with that - I don't see it being a popular "recommendation" for somebody buying a Chev or a Honda. In addition - the "engineers" don't write the owner’s manual - I'm sure their input is taken under advisement, but I'm just as sure that "marketing" has the final say.
Just for the record - the less viscous your lubricant is on start-up, the better. If you can find a 0W-whatever, whose operating temp. viscosity is in the correct range for your bike/car/truck and you're willing to part with the extra coin to buy it, then do it.
As engineers we certainly wrote the manuals for our parts. We would also validate the parts using what was specified in the manual, otherwise all that durability/validation work would not be valid.