Three cheers for the synthetic oil, the only issue that I am aware of is that due to smaller molecule size will find it's way through areas that previously didn't leak - generally, this is a non-issue; I have converted every one of my oil users to synthetic without a problem. And, yes, the synthetic will result in lower HC readings; Castrol even makes a "senior" synthetic blend for older, high mileage cars.
As for additives in the gas (octane booster and injector cleaner), it has never been an issue. Plug wires though, with the new 100K plugs running around wear out also and break down; this is especially true if the wires are "bundled" closely and you end up with cross talk and random plug firing, I change mine every 50K just because of the almost year round heat in SoCal that jacks up the underhood temps.
Here's what my '92 SC400 blew this week:
15 MPH test: CO2 (14.7) O2 (0) HC (73 max, 2 meas) CO (0.49 max, 0.04 meas) NO (530 max, 65 meas)
25 MPH test: CO2 (14.7) O2 (0) HC (56 max, 0 meas) CO (0.39 max, 0.03 meas) NO (487 max, 127 meas)
Test conditions: Pump Hi-Test gas, 104 octane booster in tank, injector cleaner in tank, fresh synthetic oil and filter, K&N filter
The passed it with an Airbag warning light on so don't worry about the lights you mentioned, although tauted as a safety and emissions test, they are really only concerned about what comes out of the tailpipe.
The grade of oil that you need is more of a function of how you drive and the driving environment (open road vs stop & go, towing a trailer vs nothing in the trunk and one person on board, etc), a good mechanic or oil manufacturer's web site can walk you thru what is best for your car and driving needs.