IME 5W-30 seemed fine when my 80's 1FZFE engine was newish but once it got up to ~200,000 miles it started drinking the lighter weight oils, likely due to old valve stem seals.
Trivia: I was seeing a slightly elevated lead level in my 96 model when using Mobil 1 0W-30 along with higher oil consumption so switched to Mobil 1 0W-40
and the oil consumption got even worse. So went up to 15W-40 (equivalent) and the oil usage dropped but also the lead level in the EOA (Engine Oil Analysis) went down. It's only one vehicle so not a statistically valid test but it seemed that the 15W-40 offered better protection than the lighter weight oils in this engine. FWIW