I do not have the 1991 Merc manual, but I would bet they were recommending a straight weight 40 oil back then. I believe the API classification back then would have been SG, so I believe 1200-1300 ppm of Zn and P. So, I would recommend you select a robust oil, very sheer stable, with lots of Zn and P. That would normally be HDEO, racing oils, or boutique oils. Ones that come to mind would be any of the 15w40 dual rated oils, the syn 5w40 dual rated oils, Brad Penn race oils, Mobil1 15w50, likely the Amsoil marine 40 wt oil, Royal purple marine oil, and maybe a few others.
Typically synthetic oils are for extended drain intervals. I would not recommend extending a boat oci beyond 100 hours, and that might be pushing it.
My only concern would be shear stability of a 5w40 oil at a highly loaded 4000 rpm. I had Merc brand oil 25w40 shear to a 20 wt in 50 hours of easy use on a modern engine with fuel injection. I do not have any experience with the shear stability of the T6, hopefully someone can chime in with some facts around that.