x2
I'm not a racer, however after spending way too many hours on the internet doing research on the newer oil specifications I've come to this conclusion: Every oil made in the last 2 years has a required reduction in the Zinc dithiophosphate additives(commonly referred to as ZDDP) in them because they can "damage catalytic converters". This reduction includes high quality oils such as Mobile 1, Royal Purple, Castrol Edge, etc. ZDDP is a necessary additive for engines with flat-tappet cams such as the AMC 242.
My recommendation would be a high quality 15w40 synthetic such as Mobile 1, Redline, or Castrol Edge along with one of these two ZDDP additives:
STP Oil Treatment
Rislone Oil Supplement with Zinc/ZDDP Treatment
My personal experience using the STP product has been this: An extremely noticeable reduction in valve train noise, to the point that the valve train cant be heard over the clicking of the fuel injectors.