I'm not sure what an emergency would be either, but hypoid oil really means only oil for hypoid gears. It's another bit of equivocation, imo -- or at least imprecision. Both mechanical and electric cases have hypoid gears, but the pumps/friction clutches/seals in an electric case need something akin to 10 wt oil, not the 85-90 wt of typical "hypoid" oil. Type C was presumably too light for mechanical cases, so HiVis was developed and marketed. The lighter Type C was rebadged Premium Blend and reserved for electric gear cases (by SB recommendation). Aftermarket naming is all over the place, although "hypoid" seems to pretty consistently mean heavier wt lube. Type C, on the other hand, doesn't necessarily mean low viscosity equivalent to OMC Premium Blend -- not reliably so, anyway, for somebody running one of the old '62-'72 electric cases.
(btw gipper, think I confused Sierra with Star Brite in an earlier post -- latter has a product said to be for your '72 electric shift, as you suggest.)