Well you need a posi rear at a minimum , with that motor it's like launching on ice with an open dif . I tried it last year and spun 1st 2nd , let off the gas cruised through the 1/4 ran a 14.6 a 96 mph . You'll need cheater slicks as well or full slicks to turn a good time .
About the syn oil , I have run a few cars over 300,000 miles with oil changes at 20,000 with no problems . They did not even burn an 1/8 of a quart between changes , not one had ant engine problems , were clean when I took off valve covers and oil pan . Oil changes every 3000-5000 miles keeps business busy read $$$, don't think it is necessary with syn oil .