Joe,
It is my personal opinion that damage or excessive wear can be mitigated by frequent oil dump cycles. When I say frequent, I really mean about every 5-6K miles vs. what the OLM states.
In a six quart sump, that breaks down to 192 fluid ounces. 5% dilution would mean that appox. 9.6oz +or- of gasoline entered the oil pan over the course of the change interval assuming that yours is like mine and doesn't consume any oil.
There's likely more than one reason why we're using 5W-30 oil instead of 5W-20.