Personally Heck yes I'd use it. Best to store it above freezing, and if you see any additive settling agitate it first.

Lately the oil companies say 3 to 4 year shelf life. Some even have a "use by" date on the package. use best judgement.

I used the last of my SAE30 Valvoline racing oil (had lots on hand, purchased for next to nothing in 1988) right around 2002 or 3.

On the other side of the coin...although many talk about the old formulas like they were something amazing, in alot of cases they had next to nothing for additives...in many cases had metallic additives like copper....for the most part modern oils are better.

If you don't want to use it in a high dollar race motor, at least run it in an old tractor or something.