They are air cooled and oil cooled so they do get hot. You have to look at the temps you are running in. If it is around 60 or higher, and gets to around 90 or more, you can and probably should if you idle for long periods or run hard, run 20-50 weight oil. The rotella T is good stuff and is most synthetics as long as there is no moly or energy conserving additives.
I dont have the temps for the normal range of operation. Others with the 500/550s should have that, check with twotired, he most likely has something on the oil temps. An oil cooler is good but if your temp is below 60 degrees F, then it may cause your engine to not warm up properly.