We're talking an inline engine, babbit metal bearings, side valve. Unless your Alvis is radically different than other cars of that vintage, a 15W40 HDEO should work just fine.
If you're dealing with an overly worn engine that can't maintain good pressure on a 40, then it's time for new bearings...find a good antique engine shop that can pour babbit metal (machine shops are often able to do this, lots of machines used babbit bearings until 30-40 years ago, babbit bearing are more tolerant of dirt and debris than metal shell bearings as the lead tends to imbed the particles...)
The charts from that era recommended oil weights based on temp. for example, looking at my 1934 Veedol Lubrication Guide ("ask the man at the pump!" it says...), for nearly every '34, including everything from Auburn to Duesenberg, Packard, and Rolls Royce, and earlier car, it recommends:
Summer: M or MH (M is 30, MH is 40)
Winter 10 - 32 (F): M or WM (M is 30, WM is 20)
Winter below 10 (F): WM only (WM is 20)
But only trucks, motor coaches, and some boat engines called for H (50) or XH (also 50...) or XXH (60).
None of them called for the Veedol XXX (70)...
Now, the chart states: "While the use of heavy grades of motor oil is quite in order in the summer time to prevent excessive oil consumption where cars are operated at high speed consistently, the use of such grades for ordinary conditions will only result in greater gasoline consumption and greater accumulation of carbon in the combustion chamber"...
So, even back then, 40 was good enough for summer and high speeds...and I don't know about you, but I don't operate my '32 vintage Packard at consistently high speed in the summer.
Believe me, if the engineers and manufacturers had multigrades available in 1934, they would have used them! Like one-eyed jack says, the recommended change interval was 500 winter, 1000 summer...with decarbonizing the cylinder head every 1-2000 miles...
I would go 15W40 HDEO in your car...unless you're vintage racing it...or the bearings are shot...the 25W70 is just too thick for the old girl...