Without a doubt I'd definitely go with Mobil 1 15W-50 silver cap. It was designed with flat-tappet, high-performance engines (like the 454) in mind. The cost is also reasonable at about $21 for a 5-quart jug at Wal Mart.
From Mobil's website:
"Mobil 1 15W-50 is formulated with SuperSyn, an extra-high viscosity synthetic fluid, plus extra anti-wear additive to provide extra protection for severe service applications such as towing, hauling and racing. Mobil 1 15W-50 is recommended for high performance vehicles including turbocharged and supercharged engines where a thicker oil film is desired.
Mobil 1 15W-50 is also recommended for older valve train designs that may benefit from a higher level of anti-wear normally not required for newer generation vehicles. Mobil 1 15W-50 will also provide better anti-wear protection for higher valve spring tensions in certain racing engines."