If you are at the track, full synthetic oil is cheap insurance in my mind. Synthetic can handle higher temps than conventional oil without losing viscosity.
Running 220F oil temp shouldn't be a problem. "Normal" oil temp (the temp the high range is rated at) is 212F. Synthetic can go way past that.
"Synthetic" is a general term, and there are lower level Group IIIs like Rotella T6 up to Group V Ester-based. The high-end has advantages, but even the lower end Group III oils are superior to conventional oil in almost every way - and not that much more expensive.
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