If I didn't already have the LT1, I would have gone LS based even with an iron block. It's a superior design, period. If starting with a clean slate and wanting to be competitive, it's very hard to not choose LS.
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Trey
Current ride: 2001 BMW 540iT soon to be manual swapped.
Former rides: 1979 Trans Am WS6: LT1/T56, Kore 3 C5/6 brakes, BMW 18in rims
00 BMW 540i/6: Suspension, wheels, and ACS bits.
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