David,
A lot of SCCA T1 drivers use that oil. I used it all last year.
I switched to AMSOIL Series 20w50 this year based on some comparative testing I found over the winter. My oil temps are about 20 degrees cooler this year in comparable ambient temps (mid 90s).
Note, this isn't one of the oils recommended by AMSOIL for the C5/Z06. They recommend one of these:
Series 2000 Synthetic 0W-30 Motor Oil
SAE 5W-30 Synthetic Motor Oil
SAE 10W-30 Synthetic Motor Oil
SAE 5W-30 XL-7500 Synthetic Motor Oil
In the high ambient temps I race in, I wanted a heavier weight oil, so I am using the 20w50. I may switch to the Series 2000 0w30 as the weather cools off.
Also note, I do not know if Mobil 1 15w50 or AMSOIL 20w50 meets GM spec 4718M, the requirement for the engine oil. If not, there may be a warranty issue. As I was and am racing, warranty coverage isn't an issue for me.
You can find the recommended AMSOIL products for your particular vehicle here:
AMSOIL Online Product Application Guide
P.S. I have asked the AMSOIL Technical staff if the Series 2000 20w50 meets GM Spec 4718M.
