I've used Halfords own 5w40 for the last 50,000 miles and she runs fine but sure some oil snobs will kick me down. As long as you change it regularly with 5w40 rather than the 10w40 you'll be fine. Mines done 88,000 miles now with plenty track use and 4 ring trips in between, runs like a peach.
33/30 should be OK on the PE2's, give or take a psi to your preference.