440 oil level

i was told a awhile back by an old timer 60's mechanic ....actually my old transmissions instructor when i was in auto school that:

a 440 should be run with a extra quart of oil above the dipstick full line.

the reason according to him is that at higher operating RPMs (above 3500-4000) the higher volume of oil that is circulating in the top end makes a significant shortage on the bottom.

he went on to say thats the reason so many of these engines had spun bearings and were put out of service early on.

And we are talking about totally stock engines here.

i have taken this advice for a few years now with no problems on a totally stock 70 440, i have good reason to believe this man......However, i am always a skeptic

What do you guys thinks: OLD timer MYTH ....or is he on to something?