If you don't mind an erratic clutch, go for it...
The sulphur and phosphorus "friction modifiers" in standard motor oil cause the cork to swell and pack into the friction plates. The clutch begins to drag because it's "out of adjustment" and begins to slip and drag at random intervals. It doesn't happen to all clutches, some are more susceptible than others.
Really? A clutch costs between $30-$60. A quart of motorcycle oil is $4 instead of $2. You'd cheap out on that?
Straight 40 weight is far too thick for the slinging action needed by the transmission. When the temperature drops outside, the oil won't be reaching the bearings in the case on the far side of the transmission. The output shaft bearing would probably be the first to go...