I think buster has brought up important information in this post. I once heard that viscosity improvers can potentially be used up in only 500 miles of driving. Of course, it depends on how your driving is and viscosity improvers are better today then they were in the past. But what protects your engine in extreme conditions is the Zinc and also Moly in oils like Schaeffer's. We need to protect the cat converters but we also need to have protection for the engine, so I don't think we should go too low with ZDDP.
I like to use automotive oil in lawnmowers and small engines. Is the ZDDP levels in these oils too low for these engines? Maybe diesel oils would have enough ZDDP?