Muscle Mustangs and Fast Fords magazine did an article on common motor oil myths and the whole "seals and gaskets leaking from switching to synthetic" was one of them.
As far as oil for a 2.3 goes, 10w30 is recommended, and 10w40 is the highest you can safely go with a stock engine, anything higher and you risk shearing the gear off of the distributor because of the tight tolerances of the engine.
Valvoline Max Life (their high mileage motor oil) is a good product, I've been using their oil in my '75 Chevy for nearly six years now, the engine is just as clean inside as the day I went through and scraped out all the sludge buildup from the infrequent oil changes the engine I put in her had recieved. My '75 Thunderbird and my '74 Mustang also used this oil when I was driving them, and it's going into my '76 Mustang first thing tomorrow morning when I change the oil and tune it up.
In all honesty, any good name-brand motor oil that meets ILSAC GF3 or GF4 is a good oil to use, just look on the back of the bottle to see if the oil you're looking at is ILSAC recommended, Castrol, Mobil, and Valvoline tend to meet or exceed their expectations.
(If you're wondering what "ILSAC" is, there is a description here:
ILSAC, JASO and GF Oils It also includes advertising for "Amsoil" which is pretty good but pretty expensive stuff, but it's the best definition I could find).
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1976 Ford Mustang II Ghia: 302 with a 600cfm Edelbrock carb, Edelbrock Performer 289 intake, Dynomax Blackjack headers, 2.5" exhaust with Flowmaster Super 44s. RJS 11-gallon fuel cell, C4
tranny, chrome 16" pony wheels, fuzzy dice, brown vinyl half-top, and painted in the tackiest color ever (harvest gold, that's why I call it "The Goldenrod").
Also have a 2003 Dodge Ram (lightly modded daily driver/tow rig/office/dining room/home away from home/workshop... I call it "The Big Blue Dawg".)