BS 1400 of fond memory shows that you can have 1.5% lead in G1 gunmetal; the leaded LG1 & LG2 have 4% – 6% lead. It is quite likely that the casting supplier will only do LG2 in any case. You may get LG4, which has has less lead – 2.5% to 3.5%.
LG2 is a "useful all-round alloy, used in pressure-tight castings"
LG4 is "used widely in the valve industry" for sand & chill castings.
Strength: LG1/LG2: 180MN/mm^2
G1: 270MN/mm^2
LG4: 250MN/mm^2.
I have often silver-soldered leaded gunmetal with very good results. The lead will promote machining (as well as improving its bearing performance, as Jason has already said).
Hope that either helps or clouds the issue further!