For the gearbox/transfer box/axles you need a 75W/90 gear oil but it should be API GL4 to ensure you don't damage bronze bushes etc. I source direct from an oil blender and their GL5 oil should be suitable but they still recommend using the GL4 to be safe.
The silver in the transfer box means that something has worn so you should probably investigate further. 
I was warned against using a thicker engine oil by a tech at Caltex some years ago because it puts extra strain on the oil pump. He suggested that it was OK for a clapped out Falcon or Commodore but not an older vehicle like an early Land Rover.
I've been running 20W/50 in my 2 litre without any issues. It uses a small amount of oil but then that's to be expected with an older design engine and an unknown history.
Brad, if you can get to Bayswater during the week I can give you details of the oil company I use. Their prices are really good because you're cutting out the retailer.
Colin
				
			 
			
		 
			
				
			
			
				'56 Series 1 with homemade welder
'65 Series IIa Dormobile
'70 SIIa GS
'76 SIII 88" (Isuzu C240)
'81 SIII FFR
'95 Defender Tanami
Motorcycles :-
Vincent Rapide, Panther M100, Norton BIG4, Electra & Navigator, Matchless G80C, Suzuki SV650
			
			
		 
	
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