best type of oil for 71 340 engine

Why a diesel oil because of zinc content ?
Contrary to popular myth, most of the current API spec'd HDEO's contain on average just a little less ZDDP than their predecessors. The emphasis in the last round was supporting diesel emissions for particulate traps and things like that. But even the ones using other anti-wear formulas have shown improved wear rates over the old ZDDP-laden varieties. But that's another topic.

The best reason for using the 5W/40 grades now is because modern viscosity index enhancers and other contemporary blending additives and processes give the new multi-grades all the benefits and none of the drawbacks of years past. It used to be the viscosity spread sheared down more or less quickly in alot of those multi-grade oils, whereas today they are stable and hold up to extendend change intervals in the most extreme conditions.

No need to worry about the weather, it ain't your daddy's oil any more.