Even at under $3 a quart, I don't think it's a bargain at all. Shaeffer's blend is less than this and is definitely a better built oil.
Even if you didn't want Schaeffers, but wanted something off the shelf, Mobil 1 would still cost less, as you could run Mobil 1 for a longer drain interval than Walmart's bargain oil for sure. So even if you spend a dollar more per quart, you'll be able to extend your intervals more than enough to make up the cost.
At the same time, I'm very interested in seeing your analysis results on it, so I don't want to discourage you here, as it is always interesting to see all the different oils out there.