When I bought my 1998 Z28, it was delivered with 5W30 conventional oil from the factory. As the Z28 was my daily driver, it didn't take long to accumulate significant mileage. When I had driven about 7K miles, I switched to Mobil 1 and noticed about a 5% increase in mileage, although the engine used slightly more oil than before. GM used Mobil 1 on the 1998 SS Camaro and Corvette, so I didn't think there would be a problem using synthetic oil in the LS-1 engine.
I do use Valvoline VR-1 in my 1970 BOSS 302 and haven't had any problems. I also use conventional oil in my 1979 Trans Am, but not VR-1 as oil with high zinc content is not recommended for vehicles with a catalytic converter.