I use Mobil 1 Extended Performance (with extended life oil filters) in all 3 of my trucks. They don't accumulate many miles in a year (typically well under 10k of mostly 15-20 mile short trips to town and back) and using the EP allows me to do my oil changes only once a year. No issues in the 20+ years I've been using Mobil 1 oils, or the 7 years I've been using their EP oil. With almost 300k on a SOHC, which is amazing BTW, there's no telling how much further it will go, but you might as well use a quality synthetic oil in the mean time. Our highest mileage vehicle is my daughter's '00 5.0L Mountaineer, which has about 260k on it now. Other than using about a quart of oil every 3k or so it still runs beautifully and she's now decided to keep driving it until it gives up the ghost.
I find Walmart has the best prices on Mobil 1 oils in my area and that rebate sounds like a great deal.