What did they put in it when it was serviced recently? You said 40psi oil pressure.
15w40 may be a bit on the thick side if this is a decent engine, which it sounds like it is. I have a 79 C-30 with a pathetically worn out 350 that is a dually with PTO hydraulic dump. I put Rotella T4 in it, change it whenever I feel like it...maybe every 2 years. Gets about 500 miles a year put on it hauling trash to the dump and firewood to the house.