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Well all I have heard on Motorcraft oils is good. You should be fine. Redline would be overkill. I would run Redline maybe if I had an older 4 banger that I was constantly redlining just to keep up in traffic.
There does not seem to be a significant difference between the two Pennzoil grades listed above for the parameters given. Don't think it matters which you use, but I always bias towards the higher front W number on the idea it has a thicker base oil and maybe will be a bit more robust. Might be nice to see what the two oils look like after some severe hot weather service.
Not sure how slickness (slipperiness) is defined in oils. For sure adding moly should make the oil slicker, but whether a thinner oil is slicker than a thicker oil, I don't think so. Sure the thinner oil will flow faster, but that is not slickness. I think we have to factor out viscosity differences before trying to determine slickness and then likely only a change in oil formulation (say Group II to ester, or adding moly) would result in slicker oil. So yeah, I think you are right.