Sorry Jim...SAE10 or SAE30 oil.
Too many people put too much faith in what they hear around the water cooler. (detergent, multigrade, brand, etc) A multigrade 10w30 will do the job just fine in a Cub or any other small engine year round and will be superior in performance to any oil available in 1948. If one has doubts about their oil's performance, they should take samples and send them off to the lab - such as Blackstone lab. I sent one off on my Aurora a while back - after 5000 miles on a partial synthetic, the oil still met new oil performance requirements - the lab suggested I could double the drain interval but I figure oil is far cheaper than a new engine. How many 1948 engines are still out there without a rebuild that have 300,000 miles on them - my bet is none. I have 2 cars over 200,000 miles and 2 more approaching 200,000 miles - over 1,000,000 miles of GM product in the driveway and not one oil related failure - all have run 10W30 or 5W30 their whole lives of whatever was on sale or had a rebate.
As far as engine wear, one of the biggest improvements in engine wear over time has been air filtration. If one wants to reduce engine wear a REAL air filter will do more for both engine wear and oil life than you will spend on the filter. The oil bath filter, although good for its day, is NEVER found in today's world as the only air filter on an installation. It can be found as a 'precleaner' but never as the only air filtration system. Wix makes a self-contained filter that will work perfect on a Cub.
If you are like me and only change oil in the spring, a multiweight either 10W30 or 15W40 should do you just fine in most climates. I don't think you can work a Cub hard enough and long enough to exceed the capabilities of a 10W30 oil in any climate.