If seals were all replaced when the engine was rebuilt (seems they should've been... isn't that part of what a rebuild is about?), then there's no need to use "maximum life" or "high-mileage" type oils. I don't even use them in my 250K+ mile 2.9L and it burns nothing beyond what is normal (maybe a quart in 20K miles, if I were to leave it in there that long). No leaks anywhere either other than a little seepage around the valve cover gaskets (normal 2.9L crap lol).
IMO, high-mileage oils may even be detrimental... Such oils have an additive that purposely swells the seals to make them not leak as much, but I've seen more than just a couple reports (unconfirmed of course) that an engine started leaking from multiple areas it never leaked from before after switching to regular oil from high-mileage stuff (likely due to seals now shrinking in the absence of the additive). So once you use it, it's possible you may be committed to it.
Also be aware that "Mercon" ATF no longer exists branded as such, it is now called "Dex/Merc" fluid. Reason for the name variation, some years back Ford pulled licensing for the name "Mercon" and began to insist that Mercon V fluid was a compatible replacement. However I've seen it cause permanent shifting difficulties in manual transmissions (I assume this is for a M5OD), I suspect because it's too slippery for the synchros to function correctly. So make sure whatever you get uses the old Dexron III/Mercon formula (it'll say on the bottle "Suitable for all Dexron III & Mercon applications" or something similar).
Hope that helps.