I prefer my V8 S-type on fully synthethic oil. The side effect is it also uses less oil between services and the oil also seems to stay cleaner.
As regards water pump upgrades to 4.2 unit spec with a metal impeller, take a look at this link about my recent water pump and thermostat tower change. Photographs and fitting details are included.
http://www.jec.org.uk/forums/viewtopic.php?f=201&t=4685
Neville Anderson at North East Jag Spares can supply you a good pump at a reasonable price. Tell him you are a JEC member.
I`ve also summarised the fitting procedure for an article in our magazine. This is due for publication (to be confirmed) in the June 2012 edition.
Mike K