The viscosity is a relevant property of lubrication. When your machine is running a thin film of lubricant is established in between the two moving parts. As a result, these parts are not touching and the friction is just dependent on the viscosity of the lubricant.
If you now reduce the viscosity of the lubricant, the friction will be reduced to a point where the film of lubricant breaks down. This will be associated with a strongly increased friction and wear.
This is true for both friction bearings and ball bearings.
For some low load and very high speed applications the oil of a bearing has been replaced with diesel oil (with significantly lower viscosity) and things could operate. However, I am not aware of the long-term stability especially as a high wear phase needs to be passed whenever the machine is turned on and off.