"Mix would be 50:1 - my math i
"Mix would be 50:1 - my math is bad, but fortunately there is usually a chart on the back of the oil bottle - just under 1/2 a quart to a 5 gallon tank.
Synthetic would be fine but not necessary with this motor - although, a little motor doesn't use a great deal of oil even over an entire season so if you want to pay the extra you really won't feel it in the wallet.
Since this motor is "new" to you, unless you are certain of it's prior maintenance, at minimum, I would replace the water pump impeller, change the lower gear oil and put in a new pair of spark plugs."