I bought 2 clean 1996 SPXs and the fuel is mostly empty but it has about a half tank of oil in each. Should I run it, drain/suck it, top it off with fresh then run it or what?
The oil won't go bad but you need to verify it is ATI-TC rated oil. If you can't verify what it is then drain, change the inline oil filter and refill with the correct oil.
Your 720 engine can run mineral oil or full synthetic.