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5.0L (1979-1995) MustangTechnical discussions on 5.0 Liter Mustangs within. This does not include the 5.0 from the 2011 Mustang GT. That information is in the 2005-1011 section.
The "minor" difference between oils lies in what temp the oil loses viscosity (its ability to lubricate). For example, I have a friend who used to swear by penzoil, thats all he ran. When he went to put a cam in the car, and cracked the valve covers, the sludge build up was so bad, it looked like the valve covers were still on the car. It molded under them, needless to say it was fun to clean up. Myself and my father both run valvoline, he has owned his car for over 18 years, it is so clean internally you could eat off of it. So yes there is a difference in oil, goverment testing and standards don't always show the whole story.