I'm fanatical about papering over the inadequacies of the ACVW oiling system. The oiling system (with all it's ridiculous bypasses, no oil to the 1/2 rocker-arms, etc.) in a Type 1 is by far the weakest link of the engine platform (much weaker than the funky crankshaft support). It was designed 80 years ago, at the dawn of the internal combustion age. It shows.
I've got a dry-sump pump and reservoir with an Accusump. I'm running a 96 plate oil cooler (fed through a Mocal sandwich plate) in addition to a Type 4 oil cooler on the case (being fed air by a DTM). I'm considering running a Setrab cooler (or coolers) up at the front of the car. The whole system is a Rube Goldberg plumbing nightmare with a 10qt+ capacity, all in an attempt to correct a really bad design in an otherwise elegant little engine.
What somebody runs in their modern, water-cooled car with tight tolerances is not relevant to the discussion, unless you are running a Subaru engine. I run 0w/20 in my Ford truck, but in an air-cooled Type 1 in the summer? The clearances inside the case "grow" as they heat up (the case is magnesium or AL, the crank is steel, etc.). What weight oil is needed to maintain an oil cushion on the bearings is a function of what bearing clearances the engine is running.
Tighter clearances can use lighter oil and still maintain pressure. 0W20 in a modern engine is one of the miracles of modern manufacturing. One of the real advantages of "Chevy" (Buick) rod journals is that the bearings can be had in .001 oversize increments, so the engine can be set up with nice, tight rod clearances.
The fact that the 3-gauge cluster (that looks soooo cool in a replica speedster) has no pressure gauge means most of us are flying blind here. Picking an oil without knowing what's going on inside the engine is really just a guess (and not even an educated one). I'm not saying 10w30 or 10w40 won't work in our engines, but I AM saying that if you've got no oil pressure gauge, you have no idea what's going on as you drive down the road. If the oil pressure light is steady on at idle on a hot day, you have no idea if it's 10 psig or 0 (I didn't know that Al, thanks!).
Everything's a trade-off-- ZDDP leaves a residue, but it also protects camshafts. Light oil goes to the cooler nicely-- but if I've got no hot oil pressure, cool oil (that doesn't create and oil cushion) doesn't do any good.
I've been running 20w50 Brad Penn in the summer and 10w30 in the cooler months. I'd love to get by with 10w30 all the time in the newly reborn 2332 cum 2276, but I suppose I won't know if I can until I try on some 95 deg day when I'm hammering it hard. If I cannot, I will not be surprised, but it will not be for lack of trying.
Your engine will tell you what it wants if you have the means to hear it.
Forewarned is forearmed.