John, you would be hard-pressed to improve on straight Mobil One of the appropriate grade. A friend who works for the powertrain division of a major OEM told me they were having piston ring problems with one of their engines. The problems disappeared if they ran Mobil 1.
I'm not sure about your 454, but many of the GM V8s of that vintage had problems with piston slap. The noise is annoying, but other than that it isn't a real problem. It's quite possible the original owner used a thicker oil to quiet down the noise. Or maybe even used some additive like STP to thicken things up.
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Today's Featured Article - Oliver 550 Clutch Overhaul Tips - by Greg Sheppard. I got my 1964 Oliver Model 550 (serial 141-139-519) second-hand and used it for several years before the clutch began to slip. After taking up the pedal linkage several times I saw it was going to take more than that. The engine had been leaking oil at the rear seal and I suspected
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