The Red Line 5w30 will work fine, but is probably overkill for an '86 L98. Those don't rev high enough to require such an extreme oil.
Brad Penn in 0w30 grade would do. It's main claim to goodness is the zddp that you need for flat tappet cam protection.
I ran my '85 L98 all through the 1990's on Castrol GTX. During those years, I was doing up to 20 track days a year, reaching oil temps of >280F on the hottest days. Never did blow it up. The engine has over 100k miles now, and still runs good. (Did 6 track days with it last year.)
I did a cam swap in 2004, and went to a roller hydraulic. I now run it on Mobil 1 5w30.