Guy gets an A for effort, certainly worthwhile to see if you can eek a few more miles out of it for cheap. Personally, I think it's on borrowed time. If I were a gambling man, my money would be on this-- The amount of friction and heat created by the rough journal will trash that bearing in short order, probably within 5-10k or sooner. But who knows? I hope for their sake it lasts 100k! I would use as thick an oil as practical for the climate. A 5-40 is a good starting point, I'd even venture into 20w-50 in summer. The main bearings are probably in rough shape too, I'd like to know what the oil pressure at hot idle is. I paid close attention looking for the oil idiot light and did not see one when he switched the car to ON. Bulb burned out or do they not put that light with the other idiot lights in the cluster?
Amazing that people run good working vehicles out of oil, on an 8 year old car no less! How hard is it to check the oil once every couple weeks? I could see a sudden failure scenario (rock through oil pan for example), but just driving and driving and driving till you're dry? Ugh.