Id be nervous about using 10/40 instead of 20/50. I run a v8 rangie too, and the recomended oil for that dinosaur is 20/50, the one time that I used 10/40 after a change I was somewhat alarmed in the least to see the oil light flicking on at tickover (the v8's oiling system is a bit marginal at the best of times). The thinner grade leaks past the sloppy old bigends more therefore I could imagine some metal to metal going on during extreme useage so now I take the time to find the right grade of oil, Ive seen this story other places too so I doubt its just because my engines a bit shagged. Halfrauds sell 20/50 in their classic range, and B&Q sell some nasty budget stuff thats about 7 quid for 5L. I just use that in the ranger and change it more often. Yes theres probally more recycled oil in it, maybe some of the molecule chains are a little chopped up, but its been ok for the past 100k or so.
Id steer clear of synthetics in older engines, Ive seen some discussion how the extra chemicals in them cause age hardening on the rubber components on older bikes (camchain tensioner etc), plus the real advantages of synthetics (long service intervals) arent really applicable since I change my oil more frequently than regular intervals anyway. Cheap oil changed often, cant remember the last time I had a crank or internal bearing faliure...
As for the specialist motorcycle oil... hmmm... many many moons ago I used to work for a distributor of oil (cant reveal the name, but they were quite popular in the nw of england) and their motorcycle oil used to arrive from a refinery as 50 gallon drums marked "industrial use only" and be tapped off into small motorcycle sized bottles. The owner would change supplier depending on who was the cheapest on the day with no qualms or labeling change or anything...
When we were really bored and sick of working there and times were slow so we were on bottling, we used to put dead bees and flies in the bottles, hoping people would notice this big black squashy thing embalmed in when they opened the bottles and realised how pony it all was. I dont think the boss ever found out...