I read this article a while ago, and tried to replicate its findings, but I had a hard time doing so. Here is the story. A few years ago I decided to pick standard cooking oils to keep at home. I did some heavy research. What puzzled me was that there were different smoking points listed for extra virgin olive oil in different articles (including this one).
So I set up an experiment. I bought three different extra virgin first cold press olive oil bottles, that were in the middle range of costs. I defrosted and fried a pair of turkey sausages in a pre-warmed 8" stainless steel pan on medium burner (it is a single position on my Wolff range), using these different olive oils and canola oil. The result was that, in all cases, the canola oil browned more and cooked faster than the olive oils. Therefore, the canola oil had a higher smoking point than any of the olive oils I had picked.
I still occasionally use extra virgin olive oil to do limited frying at intermediate temperatures - but I figure that the high-smoking point olive oils must be on the very expensive end.
I have thought of using light olive oil for frying as you suggest - which does make sense from a temperature point of view. But, since light olive oils are chemically extracted (while extra virgin first cold press olive oils are mechanically extracted then mechanically filtered, supposedly with no chemicals used), I have always been a bit leery of them:-)
FYI, on a related subject, there is some research that shows that many extra virgin olive oils are adulterated, or their provenance "wrongly" listed. Costco olive oil is one of the few that have not been found guilty of either, and that's what we use for most uses except when we want to do a special dish where the olive oil stars, such as Caprese salad - in which case we use an expensive, single-source olive oil.