Any motor oil customer service folks will advise to go with the manufacturer's recommendations.
The 1974 CJ5 service manual, page B2, recommends
for ambient temperatures above zero F, use SAE 10W-30 or 10W-40
For ambient temperature below zero F page B2 ,recomends, SAE 5W-20 or 5W-30
In 1974 the motor oil specification was SE. This specification was used for 1979 and older gasoline engines.
This motor oil specification is now obsolete. This oil contained high levels of ZDDP( zinc & phorphorus) additive to properly lubricate the contact surface between the flat bottom tappets( hydraulic & solid type) and the camshaft lobes.
The current motor oil specification, SN, contains much smaller concentrations of ZDDP.
There is some controversy about the lower concentrations of ZDDP causing wear damage of the camshaft.
High performance engines with higher valve spring pressures are more affected than stock engines.
The ZDDP concentration was reduced because it was discovered the compound plugged up the catalytic converters.
Most motor oils found on the shelf today for gasolines engines are formulated to the SN specification with lower concentrations of ZDDP.
However, the weights of the oil are still valid from 1974 CJ5 service manual, page B2.
To reduce the oil usage of the engine selecting a muti grade oil with a higher high temperature viscosity rating will help.
For example a 10W40 oil will use less oil than a 10W30 oil. The down side is the 10W40 oil will contain more viscosity index improvers than the 10W30. As a result, the life of the oil will be reduced.
However, the modern so called "diesel motor oils" still contain high concentrations of ZDDP.
Shell/Rotella T is one of these oils and is very popular for folks wih flat tappet lifter engines, like the 1974 AMC 304 V8.
Modern diesel oils have the CJ-4 specification.
Also, racing oils such as Lucas, valvoline, redline, royal purple have high concentrations of ZDDP since these oils are formulated to be used in high performance engines.
I use Valvoline racing oil, straight SAE 30, since my CJ5 is not started at ambient temperatures < 50F.
Increasing high temperature viscosity rating does not increase oil pressure.