M1 5w30 is fine for track days. I ran it in my LS1 Camaro for 150k miles over 9 years and ~70 track days and never hurt the engine.
Since then, I have been on a BITOG-inspired quest for the "perfect" oil. I have run M1 HM 5w30, Redline 5w30, M1 0w40, and currently am running Joe Gibbs LS30. They have all worked fine. Other oils I'm planning to run are Pennzoil Ultra, German Castrol, and AMSoil HDD. I'm trying to find an oil that can stand up to the heat of track days, give at least a 10k mile OCI, and is suitable for year-round use. But at the end of the process, I'd probably go back M1 5w30 HM. For an oil that I can go down to my local Meijer and buy for $7/quart every day, it's hard to beat.
Regardless of the oil that is run, one thing that is recommended for LS-series engines running track days is to fill 1/2 to 1 quart over full to help with oil starvation in the turns. I run my Camaro 1/2-quart over because I found that if I run 1 quart over, oil carries over through the breather system and the car smokes out the exhaust. I recommend that you start with 1/2-quart over full, and check the oil level before every lapping session.
Since then, I have been on a BITOG-inspired quest for the "perfect" oil. I have run M1 HM 5w30, Redline 5w30, M1 0w40, and currently am running Joe Gibbs LS30. They have all worked fine. Other oils I'm planning to run are Pennzoil Ultra, German Castrol, and AMSoil HDD. I'm trying to find an oil that can stand up to the heat of track days, give at least a 10k mile OCI, and is suitable for year-round use. But at the end of the process, I'd probably go back M1 5w30 HM. For an oil that I can go down to my local Meijer and buy for $7/quart every day, it's hard to beat.
Regardless of the oil that is run, one thing that is recommended for LS-series engines running track days is to fill 1/2 to 1 quart over full to help with oil starvation in the turns. I run my Camaro 1/2-quart over because I found that if I run 1 quart over, oil carries over through the breather system and the car smokes out the exhaust. I recommend that you start with 1/2-quart over full, and check the oil level before every lapping session.