If you are thinking it has 10-30W in it, it's too thin unless you are riding exclusively in temps below 60 F.
If you're engine is out of tune and running hotter than it would if the timing were correct and the carbs weren't lean. Then that is certainly too low an oil viscosity.
You also don't know if you do have oil pressure issues. At what pressure does your light come on? Your oil press sender is perfect?
No, I don't think automotive oil is particularly bad for the SOHC4 engine (when new and if it doesn't contain Moly). However, modern auto oil doesn't last as long as oil intended for transmission gear lubrication use. The long chain molecules in the additives that make it behave as multi vis oil, get chopped up and then it loses its ability to behave as a higher viscosity oil. Old, used, abused oil behaves as its lowest viscosity index. If it started out as 10-30W oil, it turns into 10W oil (or whatever the base stock oil is) in a MC transmission. And, according to Honda, such an oil would only be suitable in temps below 32F.
While not an oil pressure issue, modern Auto oils have also taken out the zinc and other metal additives that poison catalytic converters, but are beneficial to lubing trans gears. That's how I understand i, anyway.
Lastly, if your carbs are over flowing, can you be certain that your oil isn't contaminated with gas? That would sure lower the viscosity by dilution, if not help the oil additives break down, permanently losing some multi-vis behavior.
Cheers,