I believe that any glycol-based antifreeze (the green stuff) will be fine. I'm not a fan of Dex-Cool (orange stuff)which is advertised as a long-life coolant - too many issues of it developing crud inside engine cooling passages. I know - GM puts it into everything they make, but ask your local dealer about the tech bulletins regarding this product. I have it in my own cars, but I still get the systems flushed every 2 years or so - cheap insurance. Also with this type of coolant, the radiator cap needs to be in top shape - any air leakage around the cap will cause the Dex-Cool to start developing mud as it reacts with air - that's another reason that it's used only in sealed systems.
Straight water is actually better at heat transfer, but the coolant does help to reduce corrosion and lubricate the water pump seals/bearings as well as raise the freeze temp. I think 50-50 is overkill and usually stick to somewhere around a 30% mix, but that's just me, plus I live in a warm part of the country.
Bottom line is that you should keep the system full, keep a good cap on it, and flush it/fill with new coolant on a regular basis. I also add a coolant overflow bottle if the original system did not have it.
Here's a link for some info about the Dex-Cool - I'm not saying to rush to dump it out, just be aware of its characteristics.
<A target="_blank" HREF=http://www.coolprofits.com/articles/anitfreeze-coolant/dexcool-macs2001.htm>http://www.coolprofits.com/articles/anitfreeze-coolant/dexcool-macs2001.htm</A>