Everybody has an opinion, and few have any evidence to support it. I don't either. Of course, I think that as long as you change the oil on a reasonable schedule and don't go too thick, internal engine failure is not the reason that will retire your LS anyway.
The theory behind 0W20 is that it will reduce cold start engine wear in any climate, but even more so when it is very cold. I don't know of any reason not to use it. AFAIK, 0W can substitute for any 5W oil. I've used it from time to time. The only reason that I don't always is that I can often get the good spec Castrol 5W20 at a reasonable price.