Improved yields of fuels and/or lubricants from a resid or other heavy oil feed can be achieved using slurry hydroconversion to convert at least about 90 wt % of the feed. The converted portion of the feed can then be passed into one or more hydroprocessing stages. An initial processing stage can be a hydrotreatment stage for additional removal of contaminants and for passivation of high activity functional groups that may be created during slurry hydroconversion. The hydrotreatment effluent can then be fractionated to separate naphtha boiling range fractions from distillate fuel boiling range fractions and lubricant boiling range fractions. At least the lubricant boiling range fraction can then be hydrocracked to improve the viscosity properties. The hydrocracking effluent can also be dewaxed to improve the cold flow properties. The hydrocracked and/or dewaxed product can then be optionally hydrofinished.