Engine Oil requires a very specific viscosity, detergents, and non foaming additives. The clutch requires friction (or Non Friction) or similar additives. Motorcycles with separate transmission cases need only "gear lube" to lube the gears. Gear lube has a tendency to "stick" to components and not fly off from motion or reciprocating inertias. Transmissions are known to run better with 75-90 w gear lube or better. You wouldn't put gear lube in your engine, would you? Bikes with a primary chain case need only to keep wet (Oily) the chain, sprockets, and clutch plates. They don't need such specific viscosities, anti foaming agents, and detergents. Why not buy what each part of your motorcycle will do best with? I know you
can run the same multi purpose Oil in all holes, but since the duties of each component are so different, I would only do it in a pinch if I had to. Since I don't have to, I buy different Oils. On the road if you wanted to carry just one bottle of Oil, I could understand that. You will rarely have to top off your transmission, or primary Oil, so I carry engine Oil. If I should need to add to the trans, or primary, I change my fluids when the trip is over, and get back to the specific fluids we just spoke about. Others on this forum will know well which fluids work "best" with Sportsters. I would learn from them, or bone up on the MOCO recommendations until then. Just as Important, don't "cheap out" just to save two bucks, on any dime store or auto parts store Oil, or Oil filters. There "IS" and "ARE" differences. Personally, if I was looking at a used motorcycle, and the owner went on about how he saves 2 dollars on his "Internet specials, or Auto parts store oil filters over the years, I would steer clear. But that's another thread altogether. I wont recommend one brand or type over another. Your bike, your choice.
This "One for All" school of thought comes from the Olde Panhead, Shovelhead days and maybe a little earlier when you could use straight 50 weight (petroleum) Oil in all three holes. With the advancement in Oils (synthetics) and Lubes today, there is a myriad of "better" choices to suit your specific needs best.