Timing problem

Probably needs an oil change after 7 year old oil.

I'm thinking 20w50 this time.
This caught my eye. IMHO: Nix on the 20W-50, IMHO. You don't know the oil pump condition and picking up heavier weights when cool/cold gets harder and harder with heavier and heavier weights. I'd stick to 10W40 or 10W30.

Since you have been Rip van Winkle for a while, it sounds like it may be time for you to read up on the threads on ZDDP, if you have not kept up. If you have any sort of performance cam with higher springs pressures and lifts, the newer oils starting in 2006 had the ZDDP levels reduced to where performance flat tappet cams started failing regularly. Weights at 30 and below have lower ZDDP now, expect for certain specialty oils, and some weights above the 30 level have low ZDDP too. You may be candidate for half a bottle of Rislone Oil Supplement (or some other ZDDP additive) in the oil at each change to fortify the ZDDP levels.