Hi Everyone, 1950 F1, Welcome to the FordBarn Forums!
Fuel, unleaded is fine, lowest octane they've got. Lead additive not necessary. The additive I use is Marvel Mystery Oil, about a quarter-cup for ten gallons of fuel. Really don't know as it does anything but make me poorer and feel a little better.
Oil, this is like having someone else select your cologne, everyone has a favorite. I have a 1935 and a 1936 and the oil recommended for them was 30wt in summer and 20 in winter.
Any oil you use will be fine, in my humble opinion, as long as there is enough of it, and you change it when needed. I try to change mine about every 1000 miles because both my engines have sludge in them. The 35 I just changed yesterday and only 4qts are needed to bring it to the full line on the stick which I take as evidence of sludge (or maybe the wrong disptick).
Here's a forum tip, in the red bar, as you're looking at the list of threads, on the right his a search forums button. Pop in a phrase and you're off to the races!
I'm pretty certain you'll get other responses!