The two outlets are wired so that each one is connected to one side of the 240. You will have to remove the jumper between the two sockets, or they will be shorted out.
When you load it down it is best to even out the load. The total load should be about 1/2 of the rated output. And each socket should get 1/2 of that load. About 1/4 of full load for each socket.
What brand of engine and HP does your gneset have? Coleman made them with Tecumseh, Briggs & Stratton, Honda, Robin, and I think some Chondas. Also, some had 10 HP and some 9. Some engines had iron sleeves, and some aluminum sleeves.
Regardless of the make of engine GC is a very good oil to put in an air cooled generator engine. One of the problems with a generator is usually when you put oil in it you do not know what the ambient temperature will be when you run it. GC will provide the good cold weather flow, while not shearing to too low of a viscosity in hot weather.
I keep GC in mine. I also stock many quarts of GC, and two quarts of M1 V twin 15W-50 for the hottest days.
Shell Rotella (any of the JASO-MA rated ones, which would be all but 10W-30). M1 Delvac, M1 0W-40 are also good oils. For warm temperatures Castrol HD 30 SL rated (hard to find now, Castrol went to SM), and PY HD 30 SL rated are good oils.
For some good tips about air cooled gensets google "BITOG generator JimPghPa".