There are lots of opinions about oil and what to use.
Here is mine.
What I have been doing for seven or eight years now is using modern Manual Transmission Oil in the Old Ford Transmiossions I have built for myself as well as other people. It is THIN and allows the brass blocker rings to work MUCH BETTER. With thinner oil, the blocker rings do not have to push a lot of thick oil out of the way to be able to grip the mating clutch surface on the gears. Also, it is not sensitive to temperature. The transmission will shift just as well cold as hot. Modern thin Manual Transmission Oils do an outstanding job of lubricating the Ford Transmission. They are used in applications where there are a lot heaver loads on the bearings and gears then encountered with the early Ford Transmissions.
The problem with thin oil is it will leak out easier then thick oil if you do not have the transmission sealed up well. With the old Ford Transmissions, I use SEALED front Main Drive gear and rear Main Shaft ball bearings. I remove the inner seal to allow lubrication of the bearings. I seal the Counter Shaft and the Reverse Idler Shaft and put a little sealer on the threads of the drain and fill plugs. I have used Red Line Manual transmission oil, Pennzoil Manual transmission oil and also GM Manual Transmission oil. I think the G.M. and Pennzoil is the same stuff.
Manual transmission oil is made specifically for Brass Blocker ring type transmissions, which is what the early Ford transmissions are.
Please note, almost all of the gear oils are also farmulated for clutch type Limited Slip Differentials and has a "Slip Agent" in it to keep the clutches from grabbing. If the container says "sutible for limited slip Differentials", it will have the "Slip Agent" in it.
SLIP AGENT is what you DO NOT WANT in a blocker ring transmission as it will cause the blocker rings to also want to slip during engagement and not grab the gear properly.
Please, before you say this will not work, try it, you may be supprised. Worst case, you will have to drain it out and put the old thick gear oil back in your Trans.
Again, this is my opinion based on my experience.
Chris