Hi,
I have the same engine in my 2k 4x4 ext cab Truck (and my Moms 2002 same truck) and I've run Mobil 1, Pennzoil conventional and Chevron conventional and run UOAs @ 4k miles.
(I've run other brands (castrol GTX and QS) but have not done UOAs yet)
The Chevron did the best (here is the UOA
Chevron UOA ) and so far the Mobil one did the worst.
I run 10w-30 from spring to late fall and 5w-30 in the winter. Here it gets in the 90s to 100s for months on end.
Once I run out of 10w-30, I'll go back to 5w-30 all year round. I've seen that 5w-30 does fine year round and like the thought of having only on grade of oil in the stash. (My toyota, Uncles PT Cruiser/Caravan and Sisters Caravan only see 5w-30)
I had one valve cover off around 40k (leak) and everything is spotless(no color, nothing) . I can look in the oil fill tube and it's still perfect @ 50k.
I don't drive the truck that much (it's got 50k on it and 7 years old) and it sees too much 2-3 mile round trips. I'm going to try to drive it to work (50 miles one way) atleast every other week this next year.
Unless gas goes way up.
So, for me (who maintains 2 of the 4.8l in the family) I'd go with good old conventional Sl/SM and change it per OLM or 6 months.
Take care, bill