@snrusnak - It's like 4:30am so I might have read your reply wrong, however the first number (before the W) is the weight of the oil at 0 degrees Fahrenheit - not the temperature that the oil will flow down to. 5 weight oil has a pour point down to -40 degrees Fahrenheit, and 0 is down to -50 degrees!
Multiweight oils are designed as a lower viscosity for cold startup, that however act like much thicker oils when they are hot due to the interaction of the added polymers.
For instance, if you used straight 20W oil, it would flow (at lower temperatures) just like when you do your oil change - at higher temperatures (common tables are at 212 degrees) - a 20W oil has a kinematic rating of 4.2 - very thin. The multiweight oil 20W50 has a kinematic rating of 10.3 - over twice as thick.
The rest of your reply is good though - I wouldn't run 20W50 if you're going to be cold starting at 0 deg F.
@Theycallmecrash - as alfatango1 said - because it's still so hot, you'll be just fine with straight 50. Just be aware that once the mornings a bit cooler, you'll want to go back to multiweight oil - as pointed out.
Also - just for FYI - the pour point for straight 50 weight is still around -8 degrees F. However, for the oil pump to actually circulate the oil, a minimum temp of ~20 degrees above the pour point is required. I personally wouldn't run 50 weight at 12 degrees F though.
Sorry for the lengthy reply