If you plan on running a heavy oil, just make sure your temp range won't hinder you. 15w-40 below 32F is like molasses and doesn't like to move very well. If you live in a temperate climate, you might be OK.
Personally I'd probably stick with a 10w-30 oil as a good all around one for that engine. I don't remember when GM switched over to 5w-30 as a base for most engines, but I do remember doing many oil changes in older 5.7L with 10w-30.
I know of a guy who said 15w-40 is good for all engines...........and ruined his newer dodge caravan engine by doing so. Not apples to apples, but you get the picture. I think the older engines are more forgiving of different weight oils than the newer stuff.