A number of questions have been raised here about the 65-82 disc brakes.
First, DOT5 fluid...the only thing DOT 5 fluid is good for is show cars which are seldom driven and which seldom receive brake maintenance. It is true that DOT5 is non-hydroscopic, which is an excellent hedge against the 65-82 system's problem with corrosion, but from a performance standpoint, DOT5 fluids offer no clear advantage and, in fact, in some racing applications are a problem because of their slight compressibility at high temperature.
DOT5 fluid is not always a good choice for cars which get driven regularly and certainly is not a good choice for a car whch is driven hard. I think a better strategy to use against corrosion is stainless-steel sleeved calipers along with periodic maintenance and a DOT4 or DOT5.1 fluid. But....DOT5 fluid can't hurt anything.
Now, as far as a low pedal. Typically, that's because of one or more of four problems
1) air in the system
2) problematic master cylinder
3) expanding brake hoses or brake pipes.
As for "synthetic", some brake fluids are synthetic and some are not.
DOT3 fluid usually are not
DOT4 fluid...some are and some aren't
DOT5.0 is silicone-based and synthetic by nature.
DOT5.1 fluids may or may not be (but probably are) synthetic