My friends with LSx engines don't really have a good thing to say about the LT1 engine. Even when someone buys an LT1 car to replace with an LSx motor they feel its a waste because the chassis isn't worth it.
The BMW e30 model would be the better choice in your scenario. I autocross with their owners and they enjoy them on and off the track. The Chumps Car Team EuroTrash uses an e30 chassis as well and its really held up, the motor needed to be rebuilt but it started as a car they bought for around $150.
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if you can only race me in a straight line then whats the point 
...91 SMF SCCA
http://www.flickr.com/photos/8341770@N07/5601083432/http://www.flickr.com/photos/8341770@N07/5601083432/ by http://www.flickr.com/people/8341770@N07/, on Flickr
I see people out there spending money on the car to improve it … If you spend half that effort just working on your driving skills, making you and the car work together as a team, then you’ll go faster – period. To make the car go a second faster on the track takes a lot more energy and money than making yourself drive it one second faster.
– the late Tom Thrash SCCA Solo E Production
Last edited by chi town brat; Nov 4, 2012 at 03:08 AM.