I've done extensive research on the new CJ-4 oil and have absolutely no reservations about using it in my vintage cars or vintage 1100 cc air cooled Superbike.
In ALL API certification tests, CJ-4 meets or exceeds CI-4 Plus and CI-4. Though the CJ-4 spec limits phosphorous to 0.12%, which is a measure of ZDDP concentration, this was the typical level in CI-4.
SM is limited to 0.08% P in winter grades of 10W or less. This means that winter grades above 10W may have more, but you don't know unless you test it, which is why I won't use SM, even 20W-50, in my vintage cars or bikes.
If you want to LEARN about lubrication - get yourself to a level where you could actually have an intelligent conversation with a lubrication industry professional rather than just eating up Internet BS, visit the following web site and take the "Basic Lubrication" and "CJ-4" courses, both of which are free.
http://www.lubricantsuniversity.com/
If you want to go beyond this, go to:
http://www.api.org/certifications/engineoil/pubs/upload/1509_16thedition042007.pdf
and absorb this document.
Duke