GL5 contains similar additives to EP oil, to reduce friction and wear but may also harm white metals (brass synchro rings for eg - a lot of more modern transmissions now use sintered materials or even carbon friction faces, so can get away with reduced friction which has benefits elsewhere in this era of chasing fractions of a percent fuel economy and emissions)
Thicker oils, whilst being a bit unhelpful on gearchanges whilst cold, are required as they cling to the gears and protect them under load when hot, particularly in un pumped boxes.
A lot of modern transmisions use atf which generally has a low viscosity but is actually designed to maintain consistent properties across the operating temperature range, as an auto box uses the fluid to control the gearshifts in the hydraulic valve block, shift clutches, torque convertor etc. This is actually at the expense of gear protection properties (thin oil is dispersed from the gear face more easily), however the transmissions designed to use this fluid from the outset have this factored into the gear design, including modules and pressure angles that allow the gears to 'live' with the reduced lubrication. ATF is also full of additives, makes my hands go red too. yuk. I am not a fan!
bear in mind these gearboxes were designed in the 50's and probably earlier, so such technology was just not around then - so any modern oil will perform at least as well as the original fill - probably GL1 - since the base oils from which it is blended have improved thanks to refining technology in the last 40 years.
I have heard of engine oil being mentioned but I believe it harks back to a typo in a Haynes manual! there is no reason to use it in anything other than a mini when a gear oil will offer far greater performance, engine and gearbox oils are very different beasts.
gearbox, transmission, same thing. transaxle = transmission and axle combined, as found on our fiats and other comparable vehicles (Ferrari, Lamborghini etc

), unless you're in the US in which case it can also refer to a front wheel drive transverse gearbox..
transmission fluid - probably sounds better than gearbox oil, hence the price can be upped!
Sorry if I've gone off on a tangent, pet subject

and yes, Castrol gtx or magnetic engine oil, liquid engineering marketing stuff!!