Did you know?5.3L 'Vortec' 5300 V8 with Active Fuel Management, 320 hp (239 kW).
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I doubt that it expands enough to make a difference. Just my opinion.If it's been running, I always let mine set for a minute or two to let the oil get back to the pan before checking it.
you can check oil any time hot or cold but if you check the oil right after you shut it off it may read alittle low only because the oil has to drain back down to the pan just make sure you put in 6 qts of mobil 1 5/30 in a 5.3 lol