OK, here is my take.
Not all oils are rated with the same scale. Bel Ray (and other motorcycle specific "transmission" oils like Spectro and Honda HP Trans) that are listed as 80w are in fact the same viscosity as 10-40 4T oil. Bel Ray Gear Saver, Spectro, Honda HP Trans etc are basically 10-40 4T oil relabeled for 2T transmissions and the price doubled. 80-90w GL4 gear oil for differentials in cars, which lots of bikes used in the 70s, is much higher viscosity when COLD but when it gets hot is gets a thin as water, even thinner than ATF. People used rear end gear oil back then because there was nothing better. ATF is around 15-20w and holds its viscosity even a extremely high temps, and is designed from the start to be used in transmissions and wet clutches, auto transmissions have clutches very much like the ones in our bikes. Not all ATF is the same however, if you use ATF only us type F, the reason being Ford designed the "slip" of those years transmissions into the clutch of the transmission, where on all other transmissions the fluid has those dreaded friction modifiers to cause the "slip" between shifts. Modern (since around '98-'00) car oils also have friction modifiers in them that allow cars to get better mileage, bad for wet clutches, and they have all the zinc removed so as to not damage catalytic converters, zinc is a cushioning agent for transmissions, however diesel oils (Rotella, Dello 15-40 etc) do not have those friction modifiers and they have lots of zinc in them. Tractor fluid, like ATF, is designed from the outset to be used with both gears in transmissions and in wet clutches, and its inexpensive. Those pieces of equipment that tractor fluid goes in cost a LOT of money and you can be sure that the fluids that are going into them are good products.
So what do I use? I have used ATF type F for almost 35 years in everything from a '72 Penton 100 to my '01 Honda CR500, but recently I started using tractor fluid. There is nothing special about Husky clutches, old or new, nor any other clutch. A clutch is a clutch, and motorcycle clutches and transmissions, especially in off road bikes, are under relatively light load compared to, say, the clutch and transmission in a 3/4 ton diesel truck. My next choice would be tractor fluid, then diesel 15-40, then "motorcycle" transmission oil, then car oil, and 80-90 GL4 gear oil last.
But thats just me, I'm not going to tell anyone what to use, and I'm not saying of you use something I dont like that you are wrong. Everyone should use what they feel comfortable with, as Philbilly said earlier in this thread, using NO oil is probably the only wrong oil to use.
few points..one of the biggest differences in these gear oils is synthetic or Non synthetic. The vintage "70's bikes use non synthetic. I have no idea about the "newer" 90's 2000 era. I use redline oil in my car... its fortified with zinc...and I have no "catalytic" problems.
one of the beliefs about oil is that thin oil doesn't protect. It does!. An individual conducted a test with o weight oil in his cars and it performed the best. Also he lives in a hot climate. I will look for his findings. It is wayyyy more info than we need but he dispells alot of suspicions.