Here's what the Pennzoil team said on nearly that exact question...
Quote:
16. I'm interested in making a custom blend for my vehicles. Preferentially starting with Rotella T6 5W-40, as it's in the family, but wanting something a bit closer to 5w30. Rotella as it's in the family, and a strong oil, but if needed, Platinum Euro 5W-40 could be considered as a starting point. I would like to blend it down to a 5w30 using Platinum 5W-20, so that I will end up with a 5w30 with a little more anti-wear additive than the typical 5w30. Are there any problems doing this, and will the results be as I expect them to be?
A. The physical results may be very much as you expect i.e. viscosity is likely to be predictable following well known physical laws however the chemical effects are highly unpredictable. Wear performance is not dictated solely by the amount of wear protecting additives in an oil, the efficacy (effectiveness) of the additives must also be considered. Efficacy can be negatively impacted by changing the balance of a formulation package. The approach you suggest could conceivably result in poorer performance, I would recommend choosing a single tier of product, and Pennzoil Platinum has been designed to offer complete protection including unsurpassed wear performance.
If you are committed to it, then use a 0W20 engine oil, so it at least carries some additives into the blend.
As an aside, Rislone in SAE30 does improve it's flow characteristics some at -20C.