Oil is the lifeblood of your engine, take care of it.
High temps are the symptom, low oil pressure is the disease.
Oil under pressure acctually creates a buffer between the metal parts in your engine. Once the oil is flowing, metal never touches metal inside your engine. The oil must absorab the impact of the power stroke without allowing the crankshaft to touch the rod bearing it rides in.
The pump dosen't create pressure, it simply moves the oil. What creates pressure is the resistance to flow, useually regulated by the pressure relif valve. This is a small spring loaded "check valve" that is closed when the pressure is below its set value. When the pressure rises above the value set, then the pressure pushes the valve off it's seat, and is routed back to the inlet side of the pump.
Ocasionally this valve can get stuck open, which creates a large drop in oil pressure especially at lower RPMs. Also if the pump fails, or there is a leak, or an interuption of the supply of oil the pressure will drop.
Now, all of a sudden instead of getting that cushion, the oil is forced out and the rod hits the crank twice every revolution which creates friction and wears metal off of the bearings. This heat is carried away in the oil and the oil heats up.
Low oil pressure is an imeadiate emergency. I would recomend flying imeadiatly to the nearest airport at the lowest power setting practical. I would declare an emergency and constantly expect the engine to quit any second.
I would not recomend an imeadiate off airport landing because of the possibility of a bad guage. The exception would be if you saw oil spraying everywhere.
Re: oil temps
The oil in the engine acctually is responsible for about 30-50% of the engine cooling. High oil temps should tell you that your engine is really getting hot and is working hard. Also as oil heats up it becomes "thinner" and loses some of it's cushoning properties. High oil temps are a concern if they persist. You need to check your oil cooler, and/or switch to a higher viscosity.
Cold oil is another problem, especially in the frozen north. When oil is cold it is very thick. If it is too thick it won't flow properlly. Durring winter you need to use a lower viscosity oil so that it will flow better under cold temps. The seconds durring start and imeadiatly afterwards are very hard on your engine. Avoid high power settings & especially take off with cool oil.
Also when oil is heated up to it's operating temp the mositure and acids boil off, cleaning the oil. This is the main reson that engines which are flown reguarly last far longer than engines that sit for long periods of time. I have seen engines where you could look at the internal parts and see where the oil level was as it sat for over a year. There was a line of corosionon across the Cam gears.
Probably more than you were asking, but now you know.