Better read would be the undergraduate thesis of one of my engineers at work on varnish production and removal...this is as explained to me by him. His thesis goes through the interim peroxides, and what not that mean once varnish has started, it continues.
Basically oil breakdown products are polar/non polar, and soluble or insolube. Solubility changes with temperature...see vid - varnish deposits aren't generally at the point that they are generated in the oil system, but they drop out where they become insoluble.
The varnish is polar, and in an oil with little to no polarity, solubility is minimal. Varnish particles agglomerate due to Van Der Wall's forces, and are broken up due to turbulence.
Being polar (like ester "cling") they are attracted to metal surfaces, particularly those that don't have a lot of turbulent "action" around them.
My take (not science) is that the comment regarding how poor GrIII was in an oxidation sense is that being more saturated, they are more oxidation resistant, but have less capability of keeping it in suspension...the article says that appropriately addititised, they are outstanding.