I had my 73 Mach 1 sitting in an open pole barn for 37 years on a dirt floor in N.C. and we get about 100" of rain per year. Before I pulled the car into the shop to clean up I pulled a sample of the oil out using a tube in the dip stick tube. I sent to have analyzed there was zero water in the oil only high level of lead from the old leaded gas back then.
Everyone said the engine would be locked up after not being stated for 37 years. I took to my shop and I took the car apart to detail and clean not restore. I pulled the engine and did not try to turn. I pulled the oil pan and valve covers. Everything looked brand new the car has 12,000 miles. I even pulled a rod cap off and their was still oil in the bearing. I have pics of it all. So I pulled the spark plugs. You could see the bottom of the cylinder walls and clean. You could see the wrist pins shiny. So I put ratchet on the crank and turned the engine over with one hand slowly and all the valves opened and closed so no stuck valves. I brushed new 10 W 40 havoline oil on the rockers, push rods and some on the crank and put the cover and oil pan back on. I put the engine back in. I did put a kit in carburetor but original fuel pump was still good. I put the Lucas oil Zinc additive in with the havoline oil and did not try to start until the day I took to the Mustang Owner's Museum. This video was made that day, no smoke, no noise and engine was fine.
I would never change the oil that often. I have not changed the oil in my 73 convertible in 4 years not. Why? I have put as much ad 467,000 miles on one engine with no oil failures. 305,000 on my truck that I bought new and I just drive until one quart low add a quart and drive until one quart low again and then I change. No idea how many miles that is way over 4,000 probably.
I have driven over 2,000,000 miles in my life with no engine failures ever. I broke lots of transmissions, driveshafts, clutches, axles and rear gears so I drove hard. I never over rev an engine that is ridiculous to do.
I would say never use synthetic oil in older flat tapped engines ever. Do not use synthetic gear oil either or if you drive much pinion bearings will go. Huge issue with new vehicles.
I doubt that I ever change the oil in the Mach 1 again ever no need to with low miles each year. There is no way for water to get into the engine unless you pour it in. Yes when you drive a vehicle it will pull damp air in and yes there is moisture that is what the PCV vale helps with.
In my opinion you are wasting your money on the synthetic and also on changing your oil.
Couple pics of the engine that sat 37 years. Remember this was on dirt floor in open pole barn was not started for 37 years.