Motor oil should just be 10w-30, if you want to use an "industrial" motor oil that would be fine too, no big deal on the oil.
The hydraulic oil however is where you need to make sure you get it right. Massey makes special fluid called Permatran III. This fluid is non-foaming and has no "weight" applied to it. You can't go to your local auto parts store and find this stuff, nor can you go to your local Deere dealership and find it.
It is expensive, but a lift top rebuild on a MF35 runs about $400-600 depending on the control valve. And if your lift goes out its not something that you can diagnose from the outside, you HAVE to break it down and inspect it.
We have had reps from Mobile I and Shell, ect. come to our shop to try to convince us that their product was as good. We ran it with an open top, all of them did fine for about 10-20 minutes before it started foaming. Needless to say the reps left with their mouth shut and their tail between their legs.
I would never use anything but Permatran III in a tractor hydraulic system, no matter what color the tractor is. Just some advice from someone whos been around tractors their whole life.