Yep, unless the engine has been rebuilt using much larger clearances, I would stick with a 30 weight oil.
If you're doing a lot of road racing with sustained high oil temps (250F plus) then I'd bump that up to a 40 weight, but no more than that. The real solution would be to get a good oil cooler, keep the oil temps below 250F, and run a 30 weight oil though. The big problem with the 20w50 oil is that the viscosity is just far too thick on initial startup, plus you're robbing yourself of about 5hp compared to the 30 weight oils too. And you'd lose a lot of low end torque also, making the engine feel too sluggish.
My LS1 loves Pennzoil Platinum 5w30!