yep..but I bet you gonna find a lot of cud built up inside. The pennzoil is a parrafin base product and though highly refined over the past few years..still leaves a residue. The buildup will be even greater without the frequent oil changes...and if used only on short commutes about town..worse even yet.
Best thing to do on this baby if it is running at all now...is drop the oil pan and clean the screen. Using a hand held valve tool and compressed air, install new valve stem seals..replace the PCV and change oil and filter, add a quart of Rislone..ensure you have at least a 180 thermostat...throw in a set of plugs and run it like this for a bit..the Rislone alone will do wonder on the notorious lifters in a 318 about the only problem they ever have...
As the Rislone will do a good flush of the engine in a pretty quick pace...change the filter after about 200 miles and top off with 50/50 Rislone and oil.
116000 is nothing on this engine..when maintained
The entire engine, tranny and rear gear will make an great swap out driveline...using a later model A500 or A518 would be better...the only difference is the rear tranny mount is a tad different than the early model without OD