The specified oil grade to use is 10W-30, although many now are using 15W-40 diesel oil in Y-blocks to get the benefit of zinc content in the oil (which you need for the solid lifters). Other types of oil with up to 1200 ppm of zinc are being used as long as viscosity is up to snuff.
On another note, if engine has been setting for years, the oil pressure sending unit diaphragm will harden, leaving contacts open and won't light the idiot light. To my knowledge you can't save a good older sending unit by taking it out and cleaning it, or by trying to store it in a cup of oil. Either way, they become compromised but the old units (pre china parts invasion) will last practically forever as long as the engine is run regularly.
If you do end up having to buy a new sender, keep your fingers crossed, the chinese made electrical and control parts are of lousy quality and may not last long.