The 5W oil is an MPG exercise for newer vehicles.
One, your engine most likely is not "new", or even a recent rebuild, especially if it leaks that badly.
Two, was the 1500 even designed for multi-grade oils?
Reason I say that, is my 1950 Ford, loaned it to my brother to take to college, and he broke 9 rings using 10-30.
Flatmotors were designed for single-weight oil, the squirt holes on the big ends of the rods designed to squirt further up the cylinders when hot and thinned out. I ONLY use 30wt in my Flatties now, went 300K on last one.
My Jag came with a sticker on the fill cap (still there) stating "Filled with Premium 20-40" or something like that. I use 20-50 now.
As much issues as most LBC's seem to have with hot, low oil pressure, I'd NOT be using 5w-30. 10w minimum, 30 minimum.
Go ahead and try it, be prepared for more oil leakage, and leass oil pressure, and possibly smoke out the tailpipe.
Dave