I've always used the Merc oil and get it at WalMart, just not enough cost difference for my annual oil change. But if you want to use something different you can (it's just a GM 4.3) here is what Merc says:
To help obtain optimum engine performance and to provide maximum protection, westrongly recommend the use of Quicksilver 4-Cycle 25W-40 Marine Engine Oil. This oil isa special blend of 25-weight and 40-weight oils for marine engines. If not available, a goodgrade, straight weight, detergent automotive oil of correct viscosity, with an APIclassification of SH,CF/CF-2, may be used.In those areas where Quicksilver 4-Cycle 25W-40 Marine Engine Oil or a recommendedstraight weight oil are not available, a multiviscosity 20W-40 (SH, CF/CF-2) or, as a secondbut less preferable choice, 20W-50, with API service ratings of SH, CF/CF-2 may be used.IMPORTANT: The use of non-detergent oils, multi-viscosity oils (other than Quicksil-ver 25W-40 or a good quality 20W-40 or 20W-50), synthetic oils, low quality oils or oilsthat contain solid additives are specifically not recommended
As far as gear lube, I really would stick with the Merc High Performance gear lube.