The 4.7L is a known sludger even with routine maintenance due to a poor crankcase ventilation system. I would pull and check the PCV 1st and foremost( best to change it unless you know if and when last done ). Also look under the oil fill cap and into the valvetrain( what you can see )for any "goo" and build up. If you find anything or the PCV is loaded up/failed then plan on some kind of flush( Seafoam, Amsoil's flush, Auto-RX, MMO, or whatever you want ).
If everything seems ok you can make the swap over. I would do at least one quick OC, and probably 2( 1000-2000 each ), just to make sure everything is cleaned out due to the known problems with that engine and sludge( even on a quality oil and timely OC's being done ). I personally would run some Seafoam each time as well. I would use a decent, cheap dino oil(PYB, MTC, etc... )along with a good filter, for the runs with the Seafoam, then go to the synthetic of your choice if the oil looks good when it comes out. You should also check the filter to see how loaded up it is as well. Might take 3+ short OC's with a flush product if the engine is sludged bad or one may do it if not.
Kendall oil on the whole, be it dino/blend/full synthetic, is actually very good. If you want a full synthetic that is affordable and is a good product their GT-1 full synthetic( now with Liquid Titanium
) is very good stuff and pretty cheap. $4.99 p/qt at pepBoys.
Between Royal Purple and Mobil 1 I would chose the Royal Purple. I am an admitted RP fan however and also an admitted detractor of Mobil 1 oils. If you like Mobil 1 however it would do the job. I would pick Kendall over Mobil 1 in a heartbeat though. I would also take Penzoil Platinum, Valvoline Synpower, and Quaker State Ultimate Durability( HP ), over Mobil 1 oils too. That is just me.
Hope this helps and good luck.