I used to use Gunk motor flush periodically on my '75 Z from long ago. I did this from 80k to 120k miles, when I sold the car.
I gave my 168k 1978 Z one flush with Gunk, and it worked fine. The only problem (and the major difference between the two cars) is that my old '75 had occasional varnish (nothing unusual), while my more recently owned '78 looked like a caked up BBQ grill under the valve cover. I honestly didn't know it was that bad, or I wouldn't have so casually done the flush. When you liberate that much crap in the engine, you can block up oil passages and filter screens.
Fortunately I had no problems. Also there were no oil leakage/burning problems with any engine I've ever flushed. I've done this many times -- 2 280Zs, a BMW Z3, a Saturn SL2, a '66 Mustang, an '87 Ford Crown Vic, and a '94 Ford Taurus.
I've heard of alternative flushes, such as 1 qt of ATF, 1 qt of kerosine, and a couple of qts of diesel (never heard of a full crank case of the stuff). I've heard of no issues with those. The Gunk motor flush has high volatiles that cut the varnish pretty aggressively, unlike these other methods, but they all work.
For my BBQ grill engine, I've been running a diesel formulation of motor oil -- Chevron Delo, which is very high in detergent and also high in zinc. It's actually a very good/appropriate formulation for our Z engines. The Delo has slowly been cleaning up the remaining crap from my engine, which now looks fairly clean. I've also used an excellent detergent additive called Rislone. However, I think the Delo works better.