I just let my 1971 383 Chrysler go, 133m on oem motor; car in family since new. My daily driver for about ten years in every conceivable kind of weather. (Nothing like old-fashioned torque!)
It absolutely loved FUEL POWER. I had it tuned as well as it would run on "regular" (93-octane), and the FP was a definite help in smoothing out the idle especially in hot summer temps (ran mine at 195F). FP gave GREAT consistent performance from the fuel, and the plugs looked a lot better (MOPAR electronic ignition upgrade; highly recommended to do it, or, better, new MSD ALL-IN-ONE Distributor & Ignition as ignition advance is TONS easier to set [don't have to take distributor apart]).
I converted it to synthetic oil when I got it in 1995 with 78m on it (MOBIL ONE 15W-50) and oil consumption levelled out nicely. I recommend you replace the valve stem seals. Not hard to do, todays are made of VITON (much better than original), and it will help with the nemesis of a short-stroke, big piston engine: carbon build-up. (Also, pull intake manifold to get heat crossover passages).
I'd certainly give it an ARX run (in ATF and PSF too; and don't forget rear axle), preceded by a "Mola-Soak" (3-ozs LC in each -- hot --cylinder; crank over one rev at one hour and let sit overnight; spin out/blow out any excess; use old spark-plugs and run at high idle for 20-minutes; change oil and spark-plugs); and then use LUBE CONTROL and FUEL POWER religiously.
For me, SCHAEFFERS 204-S in ATF/PSF, M-1 in engine, and REDLINE in rear axle after any other cleaning (as above).
BALDWIN B2-HPG oil filter is the best under-$10 oil filter available: synthetic media, low restriction, extended/heavy-duty service.
As to an oil today, I'd sample what you have in there now and get Terrys advice (UOA thru BLACKSTONE) on what to use. For me there is NO reason not to run synthetic (have done so in all engines since 1982) and then change it every year or 6000 miles while keeping LC-20 in it per recommendation.
I would be more concerned with cooling system maintenance. Be sure to pull lower jacket plugs and get those passages as clean as possible (EDELBROCK and MILODON both make nice high-volume aluminum water pumps).
I have posted elsewehere, more extensively, on this car; and on what I would do today with another old MOPAR.
And:
www.moparts.org/ on all drivetrain questions.
Only the FORD 390 even came close to the 383 as the "ideal" pickup truck motor. Yours looks great and I hope you enjoy it.