How long do you go between filter changes? Would you go a full 10K miles without changing the filter? (Assuming you'd use a high-quality filter like K&N or Amsoil.)
I change the filter when I change my oil. So far, since I don't drive this car much, I've done a 5xxx miles interval where I got a bit of oil for analysis. once the results came back, I went up to 7xxx and changed the oil (no analysis because I ran some Techron additive through the car, it skews the results a bit).
I'm using the motorcraft filters, which I think are perfectly good. I am going to do the 7500 mile interval, get an analysis, and if it looks good, I'm going to push for 10,000 with the same filter. If the filter is a big deal to you, then just change it halfway through with a motorcraft one. I just never understood why people paid $12-$15 for just an oil filter. I've tried those expensive ones (Amsoil quite a few times) on my other vehicles and they showed no better results than the OEM filters I used, using the same oil.
Like wise, switching from Mobil 1 to Amsoil for a while to test it and there were no better results with Amsoil either. These were done on other cars, not the mustang, but to me it's proof enough that it doesn't really make much difference.
I've never tried conventional oil. The "lowest" grade synthetic blend I've used is Mobil 1 (Group III). The "highest" grade synthetic I've used is Motul (Group VI, I think, or V? It's an ether-based oil, supposedly the best of the best--it cost me $29/quart). Did I see any significant differences? Nope.
So in the end, I just buy whatever synthetic is on sale, I keep up with oil analysis when I switch to a new oil that I haven't used, just to make sure it's not doing anything funky inside.
I personally think that Amsoil is kind of a gimmick. Their marketing strategy is terribly shady. They try to give it this flair of exclusivity and they have numerous pages that praise their product while pretending to be third party independent source--when in fact those sites were funded and set up by Amsoil themselves. Sure, their oil is good. Is it better than all the off-the-shelf oils? I don't think so, at least not from what I've seen.
In the end, if you are willing to pay (and can afford it), then I'm all for it. Peace of mind is a great thing to have, even more if it can be purchased. But if you ask me, as long as you run a quality synthetic or even a synthetic blend, you should be golden, provided you keep up with maintenance.