Today's conventional oil is definitly far better than anything that they had back in the 40's. I think you would do fine going with just straight oil and not the synthetics. Synthetics are really meant for the high compression, racing, weekend drags. My personal experience with synthetics, with a classic everyday driver, were not good. The synthetic burned out what was holding the cylinder wall together, and did not fill the cracks, divits, little nicks back in. Making it a whole lot rougher in there. Then if it gets too bad then it passes the rings, then a whole other problem. Of course I switched back to regular oil before that happend. Since there are long periods inbetween driving, engine being newly restored, you change regularly, I wouldn't forsee a problem with regular, mineral based oil. Especially being an older block, metalergy being of 40's chemistry.