You don't have to worry about the heavier oils (40 and 50wt.) having those anti-friction additives. They only put them in the thinner oils (10, 20, and 30wt.). Personally, I use the Walmart brand, have been for years now, and in all my vehicles too. Due to the rather crude filtering system on this bike, it's best you change the oil often, like every 1000 to 1500 miles.
Exactly what size jets to use is sort of an experimentation but since so many have done this and reported their results (and jet sizes used), we can give some general recommendations. I'd start with 2 up on the mains (132.5 stock to 137.5). If you do have issues with the transition from idle into midrange then you'll want to increase the pilots one size too (42.5 stock to 45).
The BS34 carbs on your bike were the last set used and the most highly E.P.A. stifled. They came set up from the factory pretty lean, almost too lean, to pass emissions standards. Any change at all to intake or exhaust usually requires some jetting changes. You may get away with some minor changes on some of the earlier models with their more richly jetted and less E.P.A. mandated carbs, but not on any of the BS34 equipped bikes.