On some of the UCE bikes, not all, filling to the top of the site glass will cause the bike to spit oil out of the breather and into the air cleaner. And probably leak on to the exhaust, nasty mess to clean up. My bike currently has the site glass totally full and nothing in the air cleaner. Bikes vary.
The middle of the site glass seems to be good for any of them. As long as you can see any oil in the site glass you're just fine and don't need to worry about being too low.
The manual says 15W-50 semi synthetic. 20W-50 is much easier to find in the States and unless you're regularly riding in sub zero temps you'll be fine with it.
I like full synthetic in air cooled engines. They run hot and it doesn't break down as quickly at high temps. That said, any good quality oil, synthetic or not, would probably be just fine as long as you change it regularly. Motorcycle specific oil is better than car oil, better compounds in it for the gears in your tranny. Don't use anything marked "energy conserving". These have friction modifiers that are great for you engine but can cause the clutch to slip. You're not likely to have problems with a small engine like the RE but no sense taking a chance. Then again, you're not likely to find energy conserving oil in 15W50 or 20W50, so really nothing to worry about
I like 2000-3000 mile intervals, which is probably more often than needed, but 2 quarts of oil and a filter is cheap enough that I don't care.
Lastly, ride more, worry less
Scott