My oldies: 1949 Dodge 3/4 ton B-1-C (218 CID, 4-speed) and
1951 Plymouth (218 CID, B/W overdrive).
Although I don't use the lubricants you do, I think you made some very good choices for your Studebaker for both the engine and rear end. Insofar as the overdrive is concerned, I bought a case of Pennzoil straight 50 wt. years ago...and that's what I use in both transmissions, Frankly, I'm not all that sure it's the 'best,' but feel it is good enough.
My country vehicle (we live in a very rural area) is a 2008 Tacoma 4x4, 4-cyl., 5-speed M/T. The book calls for GL-4 or GL-5, 75W-90. I use MT-90 Redline GL-4 in it, as I'm convinced GL-4 is better than GL-5 for transmissions. However, I'm not real comfortable with a synthetic in the vintage transmissions with the gasket materials they used by then, so I went with a mineral based oil in both Mopars...so, I do believe that the use of straight 40 for the o/d in tha Studebaker (same o/d as in my Plymouth)would not only be just fine, but also close to, if not the same as the original Stude. recommendation.