[BThibodeaux]

Forget the LT1. Getting EFI to go in any non-EFI car is guaranteed to cost both money and time not alloted to this kind of build. I agree that scrapping the Olds engine in favor of a SBC is going to bring more bang for the buck. However, just about any crate motor, including budget motors will push the budget limits. I would get a rebuilt short block from a reputable local rebuilder to start with. Of course this would mean a more careful and longer break in time due to the use of less expensive rings and bearings, but save lots of money. With desired HP in the 400 range, as long as the RPM is held to less than 6K this type of build will endure. Next go with a decent flat tappet hydraulic cam, stamped rockers, the cheapest small chambered aluminum heads (to keep detonation at bay while getting compression ratio up) to be found (no matter where they are made), and do the same for the intake manifold. I would spend a little more for the carb and either go with an Edelbrock or the stage one/two Jet. Carb problems suck. So do exhaust leak problems, but this is about fun and performance, so I would go with the cheapest full length, painted headers I could find, and just keep retorqueing the flanges until they shut up.