Big engine, thick oil, huh? Don't see the logic in that.
My advice is to look to the original recommended base viscosities as a strong guide. They knew what they were doing. Look next to match the ZDDP content of the original oil as closely as you can. That's most easily and cheaply done with an SM/CJ4 dual rated HDEO oil. More than likely, 10W30 was the "all-climate" viscosity choice back then, so you could go that way and a high zinc 10W30 HDEO like the T5 Rotella syn blend or the plain 10W30 Rotella Triple Protection would be great. Either of these two oils would be better than what was offered in 1968. If the Chevron, Mobil or any other 10W30 HDEO is available in your area, they would be good too. I mentione the Rotella brand because it seem to be most readily available (such as at Wal Mart). I also like the HDEOs for their robust antioxidant additive packages, which make them a good choice for a car that will not be driven daily. Makes one, two or three year OCIs possible if the annual mileages are low.
Going back to the ZDDP content, I think you can "get by" with SM, especially for a non daily driver, but why not go with the sure thing. If you could find an API SL in 5W30, that big Caddy would love you for it... though it's likely the engineers designed around a 10W30.
Good luck with your cool ride!