I'd be very concerned about overheating it....
I've been told that unless virtually zero, the lower the oil, the cooler the oil. This is because a greater percentage of the total oil is being cooled and each unit will be passed through the cooler more often. However, if the oil level is excessively low firstly it will break down more quickly and be less able to do its job of protecting the moving parts of the engine and secondly, there is a greater chance of the oil pump inlet becoming exposed.
PM