IMHO, I would, and do use any of todays good 5w30 or 10w30 oils in my '80 Firebird FORMULA V8/4bbl.
Lately(the past several yrs) have been using high mileage oils such as MaxLife 5W30. This year/summer '12, I am using DEFY 5W30.
32 years ago when I bought the car new(as with my other vehicles), I used mostly name brand SE/SF 10W40's. Over the years, I did changed to 10W30's.
And over the last 40+ years, I used mostly 40 wgts in whatever designation/classification meaning...SA/SB/SC/SD(I guess!)...I never paid attention to them back then.
And now, Oh IDK, the past 10+ yrs or so, I've been using 5W30's and as stated above, High Mileage oils lately in 5W30, in this particular V8.
The High Mileage oils have at least slowed down the oil drips and the possible "blowby" that regular 30 & 40 wgts wouldn't touch. And I don't have to "topoff" anymore between OCI's.