5w30 refers to the viscosity of the oil, but nothing else. There is much more to the 504/507 spec oils than just the viscosity rating. In particlar you'll want to use a 507 approved oil to protect your DPF (assuming we are talking about a diesel).
For example, Shell Helix Ultra Extra is 504/507 approved, but other 5W30 Helix Ultra oils aren't.
Whether the car is set to time and distance or longlife is largely irrelevant as far as the choice of oil goes.