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If your pressure is good, you don't burn oil etc, I would use what the manual says, probably 5W30 to 15W40. If you burn oil or have low pressure I might go to 20W50 except in freezing conditions.
In general, the lightest oil you can use and still maintain oil pressure or not have oil consumption problems is the way to go. Anything heavier is just lost HP, and anything lighter has you running the risk of wear issues.
I like 10-40 in the winter and 20-50 in the summer. Mainly because I have the camper on the truck and tow a trailer(either the flat bed dually with quads or the boat) in the summer. Right after hunting season I switch to the 10-40. Oh yeah, I happen to like NAPA's house brand oil. I found out the Citco makes it for them and it is reasonably priced.
Multi-vis oils were originally developed to eliminate the need to change the oil in vehicles based on the ambient temperature outside, i.e. changing from 30 weight in the summer to 10 weight in the winter, hence the W in 10W40. The oil manufacturers developed multi-vis oils by adding synthetic polymers to a 10 weight oil base which prevented it from thinning out more than straight 40 weight would at the same temp. IOW it's still 10 weight oil, it just doesn't get as thin as straight 10 weight oil would when it gets hot. The downside is that these polymers tend to break down, burn and form sticky deposits in the oiling system, commonly known as "sludge". The wider the spread, the more polymers are needed. More polymers added means more deposits even with the addition of detergents.
Ideally as Brad Johson said, the lightest oil you can get away with and still maintain the protective properties of the oil is the best idea. But you also need to be cognizant of the "sludge factor". For this reason I stay away from 10W40 and 20W50 and stick with 10W30 or 15W40 in higher mileage engines. In a brand new or freshly rebuilt & broken in engine I use 5W30 or 10W30.
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