I ran that Pennzoil two-stroke oil back in my desert racing days. A piped air-cooled engine without fan cooling going flat out up hot desert sand washes during the heat of summer - never had a problem. I ran it at 32-1 and preferred it to a few synthetic oils I tried as it had better throttle response. Since it didn't give me any issues, I stayed with the Pennzoil and the better throttle response. - I expect the present additive formula is a bit better than back in the 70s.
I didn't notice it at the time, but I read later that the Pennzoil was preferred by the ultralite guys as it gave better fuel economy than the synthetics. Probably true since the petroleum based oil could break down under combustion and provide more hydrocarbons to burn. When you are going cross country with 1,000' of air under your ass, having a bit more range in the tank is a nice bit of safety to have.