Anything but diesel-rated oil with the proper zinc additives is bad news for older motors, especially old flatheads. I run Penzoil Long-Life 15W-40 diesel rated oil in mine, but Shell Rotella is another great brand. I don't believe in synthetics. I've always run standard Penzoil dino oil and have run every daily driver of mine (even newer OHC motors) past 200k miles and had the internals look just as new. The key is to change your oil at the proper intervals. A buddy of mine that builds drag cars for Toyota turned me on to diesel oil and I've run that in my CJ with the AMC I6 and my wagon with the flathead I6 ever since.
For older transmissions, transfer cases, and axles, I run standard 90W. I used to run the cheap Coastal stuff in my CJ because I run it through the Withlacoochee swamps all the time. I have started running Lucas 140W in my front and rear axles on the CJ because I run full auto lockers and it helps to quiet them down, and doesn't heat up too bad wound up on the interstate. I like to use the more expensive Lucas 90W in my transmissions because it really helps to cut down on operation noise.
Also, I've never run Royal Purple or any other brands like that in anything, because I just don't trust them. They say that they are compliant with several standards and have outrageous claims, but the fact is they are not officially certified like other oils are. That's the bottom line, and I'm not going to risk it personally.