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I have ran "plain ol' pennzoil" in my sandrail for the past 6 years without a problem, it is ran alot harder and in worse conditions than normal driving. No complaints here.
The standard dino Penzoil is still good oil, back in the day they had quality issues that would cause engine sludge, damage, etc but those problems are a thing of the past. If I were you guys though, I would switch to synthetic, but thats just my personal opinion.
I work at VIP auto parts center here in maine and we use Penzoil for oil changes...which is odd cuz we have "VIP" brand we dont use that...anyway I am running the penziol full synthetic and dura lube and the car runs cherry,