On the farm we ran lots of old engines low mileages year after year for decades and 10w30 changed once a year seemed to work fine. A 230 hp 318 is unlikely to stress the oil much.
Myself, I would change it once in the fall, like I do with my motorcycle, and use HD diesel oil. They have extra additives as they don't have catalytic fouling to worry about. Also tend to come in heavier weights, if you want to go that way.
A much bigger concern than oil IMO, with old machines like that is ensuring the rad, heater core, hoses, etc are in top notch shape or replaced. My neighbor just about cooked his beautifully restored classic the other day because of a old clogged rad.