What viscosity and type (Synthetic or Conventional) should I use in a street and strip 1996 Pontiac Firebird Formula with a 5.7 LT1 V8, 3800 performance package and Ram Air WS6 Hood.

It has 144,000 miles and a rebuilt trans.  Other then the trans everything else on the car is original.

I was thinking a full synthetic 10W-40 or maybe Valvoline's VR1 (Street Legal Racing) Conventional 10W-30 Oil.

Also are their any other things I should do to make it strip ready?  Thanks!  

Its worth noting that everything on the car has to be street legal and the car has to be driven through the gate.  It will continue to be my daily driver as well.  

I would recommend Castrol Syntec Fully Synthetic 10W-30  

I recommend picking any one of the high quality synthetic lines, regardless of whose, and use them across the board, engine, trans and differential. All of the big names, Castrol, "Q", Valvoline, Mobil 1, etc.. They all have excellent products. The trick is to not fall into the trap of extending your oil change intervals beyond normal, that just uses up the added protection of the synthetics and is like using traditional oils and changing it at the regular time. Use a 10w30 or 5w30 oil and gain some power over the heavier viscosity.  

Maybe try the Mobile 1 high mileage oil?  

use the thinnest oil that will keep your oil pressure at 60 psi.  

2 words ROYAL PURPLE