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I personally would run a 5W-30 synthetic cycle oil (not standard auto oil) in it if I was looking for mileage, even though most likely 10W-40 is the recommendation. You will get plenty of protection for a 30-grade synthetic, even though it's not as "heavy" as a 40-grade. You will be chugging along at low RPM and load, and will not be putting any amount of stress on the engine. 5W-30 synthetic will flow easier, especially before you hit operating temp. If you do short rides it will help more.
As far as the fuel goes, I would run ethanol-free in a cycle engine of that age. You can get all sorts of carb problems from running ethanol if it's not designed for it. Cenex stations in WI usually have ethanol-free 87 octane.
I would sync the carbs and adjust the idle mixture to get the highest RPM, which is slightly lean for max power and the best acceleration but should be fine for you. I might check into a 1-range hotter plug also. The stock heat range is a compromise, and you will not be operating near peak power levels for an extended amount of time so you should be fine there also.
I would add Techron Concentrate anyway. I feel it's better than Seafoam. The carbs may still need manual cleaning of the pilot jets and all of the tiny orifices.
Gearing up/taller may help, as would some lower handle bars.
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