Tony, I use Comma Classic 20w50, which I get for £10.50 from Culmac in Thornton for a 4.5 litre bottle. That fills the sump with a little bit to spare for top-ups. It's fine to use in the 4-cylinder, as I shall now attempt to explain!
We ran a technical article in Driving Force a few years ago on oil for P6's. The main points are that it is crucial to only use a quality mineral based oil (not synthetic, or semi), and to use the correct recommended grade - 20w50 for all P6 models: 4-cyls and V8s.
But there is slightly more to it than that. We discussed the implications of modern oils for 'flat-tappet' engines. In short, the chemical make-up of the oil you buy today differs a lot from what was available when your car was new, just like petrol has changed. Castrol GTX, for example, is not a thing like it was at the time and is best avoided for classic engines. One additive that oils had which has since been deleted (in the same way lead is now no longer present in petrol) is ZDDP (or Zinc dialkyldithiophosphates). It's an additive that assists lubrication in such a way to protect the cam lobes in engines with flat tappets. Modern engines either don't have flat tappets, or have harder material, but in any case, ZDDP is now rendered unnecessary for modern oil and has been removed.
Both the V8 and the 4-cylinder are flat tappet.
I haven't fully researched the meaning of this term, but if you take a bucket tappet out of a 4-pot you can clearly see the top area that comes into contact with the cam is flat:
DSC00741 by
michaeljallen19, on Flickr
We could theorise all day about how this is a problem. The obvious is that dished tappets would spread the load over a greater surface area, but it could equally be related to material properties. But for whatever reason, classic cars engines with flat-tappets are generally believed to suffer premature cam and/or tappet wear. There is a whole industry built on this, and we could be cynical about that if we wanted. But several of this parish have experience of how quickly a Rover V8 can wear a camshaft down to nothing. Therefore, oils with the appropriate ZDDP additive, such as Millers Classic, Morris Golden Film or Valvoline VR1 are strongly recommended by the club as a sensible choice to help extend cam life.
In contrast to the V8, the 4-cylinder is not reported to suffer this same level of wear. Buckets can end up scuffed (probably due to poor oil filtration) which can accelerate wear on the cam, but common experience does not suggest the 2000/2200 is vulnerable to cam wear. I mic'd my cam when rebuilding the engine. It had done about 50k miles at the time, and the difference between each was negligible - not more than a thou.
The problem is that the camshafts are made of cast iron which is 'chilled' (coated in a harder metal in the mould), meaning that once the hard layer has been worn away, the softer iron underneath is free to be worn away like a bar of soap.
The bottom line being: if you've got a V8, best to use a classic grade oil for peace of mind. If you've got a 4-cyl, use classic grade if you want, but there is no obvious disadvantage to a quality mineral oil that we have found.
Hope that helps,
Michael