Valvoline? Thought it might have been value line as a price conscious oil for everyday folk. Kinda like Supertech.
The V stands for Victory as on the track. Not a cheapie back in the day, or now. Valvoline was a sponsor at Indy and many other tracks. Their racing oil was pretty much the go-to for a lot of independent race teams. I got Phillips 66 Race oil as part of my sponsorship, so did not run Valvoline, but a lot of very quick guys did.
There was/is absolutely nothing wrong with their technology. VR-1 is still the go-to oil for thousands (millions ?) of hot rodders out there. I ran a survey at Chevelles.com asking about preferred performance oils: http://www.chevelles.com/forums/13-performance/831521-what-oil-do-you-use.html
The guys that hang out there are into serious motors as in 8-second steel bodied cars with roll-up glass. You don't do that on mild motors
Valvoline was preferred 2:1 over number two ( Mobil-1 ) and about 4:1 over number three (Brad-Penn racing oils).
There is almost no serious competition for their products in some markets ... You can't do that if you have not been at the top of your game for decades.