The LT1 isn't a horrible motor...as long as you don't count the fact that its one of the most ballbusting things to work on in the history of GM.

Yeah, it can be made pretty damn quick, and in some ways its better than the LS1 I hear. What I'd watch out for is..well..everything else.

I looked into a swap for my 95 3.4L, and found that theres a lot of other shit in it that sucks and needs to be swapped out to handle even the stock power levels of an LT1. Unless you're really sure you want to do this, I'd consider buying a V8.