It's important to remember that any "splash" oiling is not from a crankshaft spinning into/through the oil contained in the sump (whether wet or dry sump). The crank should never "dip" into the oil. Crankcase windage - the mini tornado that the crank generates can actually pull oil up from a sump (just like a tornado can pull water up from the ocean, forming a waterspout). This forms an oil cloud around the crank and that's why, as Nathan noted, performance wet sump engines have had windage trays since...well...a LOONG TIME. A properly designed windage tray reduces the "pull" and actually "peels" any developing oil cloud away from the crank. Ideally, the oil level and the lowest point of the crankshaft rotation are as far from each other as is possible. Obviously, ground clearance is a big issue which is why most performance oriented wet-sump oil pans are wide/long at the bottom, so the sumps are large capacity but aren't too deep.
A very interesting study was performed by Mopar back in the late 60's. They found that a 426 Hemi motor running at 7500 RPM with a proper oil level but NO windage tray could actually suck 5 quarts of oil up into a cloud around the crank. A properly designed windage tray eliminated it. They had dyno results showing 20-30 HP loss due to friction in the oil cloud around the crank. NOTE that this example was with the oil at the correct level, well below the crank - IOW, the crank did not dip into the oil to create this cloud; it's just a function of the crank-generated windage. A knife-edge crank generates less than a standard crank.