We utilize Oil Analysis from Blackstone Laboratories in Indiana (
www.blackstone-labs.com)....free containters, just take an oil sample through the dipstick or during an oil change, mail off the sample in the container and fill the form out, and you are sent a complete analysis based on wear metals, contaminates, oil viscosity and other specifications. Like $20 and you get the report back within a week.
I used to run Royal Purple Racing 51 (like a 20w-50) in the 924 Turbo, oil analysis showed low wear numbers and despite a little extra fuel dilusion, it remaind a 50-wt oil (did not shear out of grade) even with the hot turbo.
I am now running a blend of Valvoline VR1 Race Oil in 20w-50 (non-synthetic) and Royal Purple 20w-50 (non-race formula), haven't done an oil analysis yet. I will probably switch back to either the RP Racing 51 or RedLine 20w-50, as it is easily accessible. Mobil 1 15w-50 is another excellent choice for most p-cars, as is their old Delvac 1 5w-40 (now called "Truck and SUV 5w-40")....an HDEO with more phosphorous and zinc/zddp as anti-wear agents, but has the potential to poison catalytic converters in cars that tend to consume oil or smoke. Guys have been using the LubroMoly oils for some time with good results, have not seen a UOA to back it up though.
Every engine is different. Black or dirty oil doesn't necessarily mean the oil is "done", only analysis can show that. If you do have oil that smells like gasoline or contains coolant, change it out and find/fix the problem.