Long as it's clean oil it is not going to hurt a thing. Keep in mind lb7's were designed for LSD, now that we have ULSD the added lubricity from oil or additive added to the fuel will do nothing but help.
My lly had a random fuel knock, I started dumping a quart or so of motor oil or 2 stroke, whatever is cheaper, in it and boom no more knock.
These fuel systems are space age tech compared to those of the 80s that will run off straight waste motor oil but in the end they are still diesels. A quart of oil in a full tank is roughly 100:1 mixture. My GAS powered blower and weed eater run 50:1.