I think this applies to your situation... Take a look at the poll I started here:
http://www.chevelles.com/forums/13-performance/831521-what-oil-do-you-use.html It from folks who build stout Chevy engines with spring pressure usually above what you are seeing. Many use flat tappet cams.
The consensus by a wide margin, is Valvoline VR1 "street legal (vs race only) oil. That's more than 2:1 over any Mobil 1 product. That does not say that M1 is bad, it's the number 2 choice. But the collective knowledge of this crowd is extensive to say the least.
I am inclined to believe that Valvoline got some of their VR1 technology into their High Mileage (HM) oils... The Valvoline High Mileage (red bottle, blend) is getting high marks with older engine designs running flat tappets. It's readily available and in 10W-40. That's where I might go, if VR1 is not available...
The deal is that once you start that motor, bring it up to 2,500 and hold it there for a few minutes. Cam lobes on these engines are lubed by a spray of slung oil off the crank and that is how you do a new cam. If yours sits, it will be "thin" on fresh oil on the cam lobes.
You are in Calif. Unless you live in Mammoth, Susanville or Truckee, you don't need to worry about cold start. 10W is fine for almost all of Calif. The 40 end will be good for hot day cruising and such.
Change once a year - yup. Install oversized Wix filter for the extra capacity it brings and some extra cooling area AND the better anti-drain-back valve so the galleries stay as full as possible while sitting (Napa Gold same) ...
The best thing you can do is drive it
I build fat tappet BBC's and a few SBC's for fun. Never had a cam/lifter failure (yet) in 50 odd years. It can happen. Usually it's the fault of soft lifters galling and taking the lobes away. Yours is prolly early enough that it is pre-soft lifters... But, if it's been rebuilt you could be staring at this issue. A used oil analysis after a really good drive (Vegas and back...) should help you know what's going on there. Good luck, I hope it's all good