The fluid you run depends on the results your seeking, and your pocket book. Synthetic fluids have superior lubricating properties, and they even offer racing synthetic atf, which are similar to hydraulic fluids. Great stuff for someone looking to gain hundredths of a seconds in a quarter. Synthetics like amsoil are expensive (9.50 per quart).
Type F (older ford fluid) has very little lubricating properties and does not hold up well to heat(ever remove the trans pan of a old ford and see the fluid varnished or turn to a solid?) Type F fluid allows the clutches and or bands in or transmission grip or apply slightly firmer, allowing less slippage, but as a result, the rest of the transmission suffers wear(pump gears/thrust washers/bushings ect. since most drag racers change their fluid often, the breakdown from heat is not as much of a problem because its diluted with new fluid. Several other racing fluids like B & M trick shift fluid is like the ford type f, but much worse. Parts that NEVER wear out in a transmission will be wiped out from using
B & M trickshift. Its great stuff to sell, if your in the business of selling transmissions.
Using dexron/ mercon fluids lubricate well and hold up well if temps are kept under
200f. Newer fluids like Mercon V, Dexron 5/6 and ATF+4 are excellent fluids that offer a more consistent flow properties in cold temps.
My advise, (unless money means nothing to you) would be to run a quality brand dexron/mercon fluid and replace it often, and spend 40 bucks on a temp gauge and install it in you pan and monitor your temperature, and keep it under 200f.
If money is no object, run amsoil racing fluid.