Originally Posted By: EricF
Drop in some Redline PSF. GM's don't like ATF
This statement is true for modern GMs.
Remember, we're talking about a nearly 40 year old GM truck. I'm betting it has a saginaw "canned ham" power steering pump (named as such because the reservoir that surrounds the pump is built in the shape of a "Spam" can), which was likely spec'd on ATF into the early 90's or later. I have one of these in my ford application and it was spec'd for type F ATF. Same pump.
Anyhow, I think the wear factor is heat/fluid cleanliness. I would go with a synthetic fluid where ATF is permitted. Redline will likely be a synthetic so it would be a good choice, but expensive. For my money, I'd go with a garden variety Dex III Synthetic - available at any wally world.