I run 5W-40 Valvoline SynPower in our trucks. Change it every 5k in unison with Wix XP filters. My engine has 155k on it and burns a qt of oil every 4k miles, which in my mind says it doesn't burn any. The 302 in my Town Car gets the same oil as well, we actually run that in any engine first engineered in the 50's & 60's. But that thing burns about a qt of oil every 1k miles. I used to run 5W-30 SynPower in that engine, switching to 5W-40 hasn't negatively impacted anything in any of our vehicles. The only way I'd run what the oil cap suggested is if I got it with 100k miles on it or less.
Keep in mind that the "W" is simply cold weather performance, Winter. The number before it, 5, 10 or 15 indicates what viscosity that oil will behave like at 32F or so. So if it says "5," that means your oil will be roughly as viscous as a straight 5 weight oil at that temperature and so on. Make no mistake about it, all of those oils will be much more viscous when cold. The lower the number though, the better the oil will flow when cold, especially synthetic oils. The last number is the oil's viscosity when hot. Hot is some specified temperature just like with the "W" rating. From all the stuff I've read, a 5W-30 will be the same viscosity when hot as a 10W-30. So if you're looking for a thicker oil when hot, the final number is what you're after.
Lastly, your sending unit could be dickered. They fail after awhile and the replacements (even A/C Delco units) aren't all that great. I went through three on my truck before I finally got one which didn't leak or not allow the sender to return to 0. (that is important to me as I'm much more likely to notice the "Check Gages" light). Both OEM units on our '88 454 truck and our '89 350 truck failed in a way where they indicated 0 psi when hot.