I went round and round on this topic on another site. Here's what I gathered from all my research.
GM 9986115 is a spec that calls for "syntehtic" 75w-90 hypoid gear oil, with friction modifier added, for convenient sale across the GM parts counter. Seems that they have a spec for the factory fill oil, and a spec for the factory fill FM, so they had to create an additional spec to blend the two together for sale in the bottle to the public. There is no real mystery to 9986115 execpt that GM wants an arm, leg, and another body part for that little quart bottle.
Regarding the differential itself, here is a link that explains the need for lubricants.
http://www.swedishbricks.net/700900FAQ/Driveline1.html
In the link, read down about 1/2 way to where you get to a quote about "Automatic Locking Differential Lubricants" from a guy at Eaton Corp. They are the makers of the GM G-80 locker, which is in turn used by AAM, who makes most of GM's axles. The gentleman specifically addresses the fact that ANY GL-5 lube is fine, and that they perform better with FM added. He mentions Texaco products by name, but he CLEARLY states that ANY GL-5 will suffice. He even mentions "mineral" lube as well as "synthetic" lube. The FM has nothing to do with the reliability of the G-80 locker; it is to address the small actuation clutch used in initiating the locker function. So, a FM helps quite the chatter, which in turn helps quiet customer complaints.
As for aftermarket lubes,
ANY GL-5 will work. Notable "synthetic" fluids that are fine are Mobil 1, Syntec, Synpower, Severe Gear, and others. As far as I know, the FM is already added to some, if not all, of these product's I've listed.
Just like engine and transmission oils, "synthetics" make the lube last longer in service. GM's spec of 9986115 is not REQUIRED if you read you manual closely; it's RECOMMENDED, not REQUIRED. A GL-5 is required, but they only publish a spec number (9986115) to make you feel compelled to buy the "grape juice", because it seems like some type of "new, special, ultra-important" fluid.
There is a site where you can actually PURCHASE the specs for 9986115. It costs $20 or so, and it's not worth it, if you ask me.
You'll also see where it' describs the addition of FM to the fluid.
http://auto.ihs.com/document/abstract/KCMJEBAAAAAAAAAA
Here's another link:
http://engineering-standards.globalspec....&show=standards
Another thing I learned is that the spec 9986115 really dates back to the 1990's, AFA I can tell. In fact, it's titled "fuel efficient hypoid gear oil" in it's GM header. It's nothing more than GM's effort to raise CAFE ratings.
Bottom line. The differential will live a long and happy life on any GL-5 fluid. Add in FM if it's not already included in the product your bought, so the small clutch won't occasionally shudder. Use a "synthetic" if you don't want to change the fluid as often. GM 9986115 is just another way of them getting more of your (presumably) hard earned dollars than they deserve, when you buy their "grape juice".
It sure does smell better though ...