I would say the LT series is the better engine for drag racing, and serious stuff. I have seen quite a few LS1 and LQ4 blocks and build ups run great times, but then fail.
the LT1/LT4 blocks tend to hold up better long term from what I have seen.. and once the STOCK label is off performance is almost equal until the real mods go in.. then part for part the LT series begins to add up a bit..
not dogging the LS1 here at all.. just my observation.
then again my 355 LT1 went boom, so it goes both ways..