The most important thing in a lubricating oil is the base stock used. Base stocks are classified as Group 1 to Group 5. Group 1 are cheapest and least effective, group 5 are most expensive and most effective. VI and ZDDP levels are misleading at best as measures of oil quality.
http://www.machinerylubrication.com/Rea ... oil-groups.
Additives are then used to improve the base oil performance for all the groups. For example the Viscosity index for group 1 to 3 base oils are often improved by adding masticated ( very finely chopped up ) polyethylene dissolved in the oil base stock. However the life of the additives and their performance over a range of temperatures and use cant fully compensate for an inferior base oil and it is normally inferior to using a better base stock and lesser additive package.
ZDDP is an additive that reduces wear in boundary lubrication situations where the zinc phosphate deposits on the metal surfaces and reduces the micro welding between the surfaces and scuffing wear that occurs with high contact pressures on cam to follower interfaces. It has become a marketing tool since its level was lowered in modern oils to protect catalysts. Modern low ZDDP oils provide plenty of protection to you average road twin cam. Maybe if your running over 200lb nose loads on a racing twin cam ( not needed really) or using both a steel cam and steel follower ( also common in racing engines) then high ZDDP helps... maybe. It also helps for the run in period for a new set of cams and followers as the risk is really only significant during the running period until the two surfaces polish to mate each other. Steel is more susceptible to scuffing wear than cast iron so if using these for followers or cams you introduce greater risk than using the orginal cast iron components. Steel on steel is also worse than steel on cast iron.
For a racing engine you need to use steel followers as they need to be thinner for clearances and lighter for the high revs. I get followers that have a Phosphate coating that aids the running in process. I use cast iron cams to avoid the steel on steel risk. A couple of time I have used cast iron cams with weld build up in my engines. In one I suffered premature wear, the second one was Ok when I had the cam also phosphated and reduced the maximum nose load a little by changing the spring pack and machining dimensions.
Lot of variables and no simple answer, just don't believe most of whats written about this on the internet as most is based on American V8s or push rod BMC engines in racing situations with heavy valve springs, unknown cam and follower materials and unknown running in procedures and much different cam versus follower designs with poorer lubrication compared to a twin cam
cheers
Rohan
PS I have written posts of this previously so consider it my annual post on oils, however I reserve the right to advocate for greasing your trunnions at all time