I speak from experience when I recommend three years plus and if you search for posts from dnewton3, you will find some classic Mustang examples. IIRC, his Mustang is on a 4 year OCI.
If the oil is brought up to temp for a decent period of time, most of the trouble-causing issues are baked out. The additive chemistry then takes care of what's left. Other long time interval caveats assume a decent storage situation. If it's left outside and subject to wide temperature swings, which makes it more subject to condensation, the OCI should be shorter. Ten to 15 miles every nice Sunday is generally considered enough miles to clear the oil but if anything, more time at in the warmed up state is better. Just have 20-25 miles of fun on Sunday instead of 15. ( : < )
I think the Ultra is very appropriate in this scenario... moreso than a MC FL1A. Why? First off, the older flat tappet carbureted engines naturally shed more metal. They also put more carbon into the oil. Generally speaking, the cleaner the oil, the longer it will last because the additive package does not have to work as hard. The Ultra is much more efficient than the FL1A (99% @ 20 microns vs 93 % @ 20 microns so will clean the oil better. On top of that , the synthetic media has a very high capacity. Generally, syn media can carry 50% more contaminant per square inch of media than ordinary cellulose. I don't have specs for the FL1A sized filters for MC or Fram Ultra, but if the media are generally the same size, figure the Ultra is about double the capacity. In the size I use on my Ford, the MC filter capacity is 18 grams where the Ultra is 31. The extra capacity makes sure you won't build up to much junk over a long interval and increase the chance of bypassing. Not a big worry in any case.
As for oil, I generally agree with the comments above. The Maxlife might not be the best choice but it's "OK." Were your Mustang in my hands, I would install Rotella T-5 semi-syn 10W30 and never look back. It has higher zinc levels that you engine was designed to run back in the day, so it would serve admirably. Plus, it has an admirable record in extended OCIs becaus it has a very, very strong additive package compared to the Maxlife.
I regularly use 2, 3 and 4 year intervals on my vehicles and farm equipment and have verified the intervals via used oil analysis. My farm tractors sit, sometiems for months at a time, in an unheated barn, yet at 3 and 4 years, 100-120 hours of operation, the used oil analysis are stellar. Our daily drivers are also on a "miles only" schedule. The Honda is 10K and generally works out to 2+years on time. The '05 Ford pickup has been 10K but is now 15K and is currently nearing three years. The old Ford diesel pickup is in the testing phase for a longer interval since the addition of a bypass filtration system. Previously it was 6K miles and around 2 years. Now the next OCI will be around 8.5K and at least 4 years. I sampled at 3K... ~2 years and the oil was doing great. I will probably sample again at 6K. I only put a couple thou on this truck a year, mostly at harvest time, or for fun stuff (it's an '86 F250 I've had since new so it's semi collectable and a toy as much as anything).
So, back to MetalSlug: If you can't face going past 1 year, the Ultra is redundant. It's extra capability is doing you absolutely no good for all the extra money spent.