The oil doesn't magically stop working, but does it have enough residual dispersant capability to allow for a 4-5K run in a really neglected engine? You might overload one of the oil's additives while the calcium just keeps on cleaning. The liberated debris is then free to agglomerate into particles large enough to do harm.
That would be my concern, or am I all wet on this?
If I were the guy the OP rides to work with, I'd remove the valve cover to get an idea of just how badly varnished or sludged the engine actually is.
Chances are that it isn't that bad, unless it was driven on short trips for each of those 115K miles.
I wouldn't run PYB or any other oil for 15K and I wouldn't allow the oil level of any engine to get that low (I believe it takes 5 qts), but the engine may not be all that dirty intenally.
Certainly Dave Newton has shown that 15K on conventional oil is possible under favorable conditions.
If the engine really is badly sludged, then tig is right and manual cleaning would be a really good idea, unless the owner wants to risk destruction.
The only way to determine this is to lift the valve cover.
OTOH, good junkyard Ecotecs are cheap and plentiful.