meetoo,
first of all, if the engine oil is not flowing enough or in correct term low oil pressure, the moving part would be HEATING up, ( not cooling down as you stated) all due to the friction of moving parts cause by a lack of lubrication, and in the end seizing all together.
secondly, the engine would in most case seize first before your temperature gauge even measures a overheated reading in the RED.
Russie,
check on your thermostat, as a fail safe design, its set to fail in a open setting, thus depressurizing your cooling system. the cooling system would still function BUT at a lower optimum temperature. thats the reason why your reading is less than normal. Have it check by a mech.