With the possible exception of bacon fat, anything you lubricate your engine with will be better in just about every way compared to the oils available in the first quarter of the last century.
There is often discussion about whether one should use mono or multi-grade oils. A case is frequently made that monograde oils work better in older engines as the engine was designed with wider tolerances. I cannot see that this is relevant, as a multigrade oil will remain (effectively) of steady viscosity regardless of temperature when operating within its range. The great majority of the engines discuss here will never exceed that range, even under load unless circumstances are exceptional.
Peter is right: use the dregs out of whatever container of modern engine oil that comes to hand with a clear conscience ;o))
Regards,
Kim Siddorn.