The mistake you make is in what you think the old saws were designed to run on. The oil, in the old days, was what was availible at the time in most areas. Any gas station had a strait 30w (non-detergent) oil in yesteryear. Today you can get a synthetic just about anywhere. It had more to do with what was availible, cheap and would work, not what was best. Few people ran synthetics, they were hard to find or did not exist. If you ran out of bar oil the 30w would work for bar oil in a pinch and not cost too much. Availibility at the time. If you had to wait 2-3 weeks for the synthetic oil to be ordered and delivered to the job you'd be out buisness.
What you have availible today, was not so easy to find 30-40 years ago. It didn't work as well but it worked well enough to get the job done, short of waiting for that special order to come in a week or two later.