I personally have no qualms with what you're considering. Your engine and mine essentially specify the same thing, and look what I'm running, which I did during the end of the warranty period.
I'm just taking issue with the stance of the Shell people with respect to Rotella in a gasser where it meets specifications and their (understandable) desire to stick with ILSAC lubes where specified and then this. It just seems peculiar to me that they've frowned on the idea of Rotella 5w-40 SM in an application calling for 5w-40 SM (not an ILSAC application, not an ILSAC oil), yet going to the Pennzoil Euro in an ILSAC 5w-30 application is something they'd endorse.
As for the UOAs, as has already been discussed in another thread, they're not taking a giant risk here. Using their premium lubes to manufacturers' intervals in North America, particularly in this case an A3/B4 lubricant in a vehicle whose OLM is calibrated for a basic SN/GF-5, and running a UOA on them isn't exactly sticking their neck out very far. A UOA is to determine whether a lubricant is suitable for continued use. Pennzoil Euro in a 5w-30 SN/GF-5 application will almost certainly be suitable for continued use at the end of the OEM OCI, considering "lesser" oils would also still have life left.
I say it's a great gesture on their part and a nice little program they're running. But, there is an awful lot of marketing going on here with only some very rudimentary nods to the technical details.