They are two important factors, but one doesn't replace the other, mainly because they act in two different wear-inducing scenarios/environments/events. Because of this, they have different priority in different locations in motors. At hot operating temps, I would agree that these are the two most important factors though, yes. If you were to look at it more granularly, I would say the next step is asking how these are going to change, given their environment, over the course of their use.
Generally, however, I would advise caution: hydraulic variable valve timing and lift systems may be an indirect limit to how high a HTHS oil you choose. If the OEM advises 30weight at 70 degree ambient, I would say that there will be potentially bad interaction with the VVTi/L system if you put in a 50 weight (50 weights are generally higher in HTHS than 30 weights) at 70 degree ambient temp.
Both of these, however, don't take into account wear that is unique to low operating temperatures. Unfortunately, I don't have something objective to look at beyond a KV40 viscosity. Maybe someone can answer that too. This importance would mainly be driven by how much the motor would be used at low operating temps (i.e. city driving)