I either run Rotella 15w40 (preferred) or Travelers 15w40 in my 49 216 dependent upon which is on sale. When compared side by side the Travelers is alittle darker but otherwise I've not noticed any adverse effects on the old 216.

With the 15w40 I get the following readings:
In warm weather cold engine psi = 15, warm engine psi = 13 @ any rpm above idle.
In cold weather cold engine psi = 30, warm engine psi = 15 @ any rpm above idle.

20w50 didn't raise any of those above readings noticably and I couldn't find 20w50 anywhere as inexpensive as the 15w40 so thats my oil of choice.

btw, I just picked up a Gal of Travelers 15w40 at my local TSC for $10. It's on sale here for the remainder of the month. I'll be picking up a couple more Gals for the upcoming oil change.

Dave