On the LT1, the valvespring is more important, than the 1.6 rocker. The valve springs on the LT1 cause valve float starting around 4500 RPM. I'm whiling to bet the L05/L03 valve springs are not any better. Going to a higher ratio rocker, increases your valve lift a decent amount, and also increases the duration slightly. I know on the LT1, you have to flatten out the bottom of the L on the braces inside the valve cover to clear the wide body Comp Pro Magnum rockers. I think the valve covers are very close to being the same.
As for gaining 15-30hp? I'd say that is very optemistic, but it will bump things up a bit. The cam in the non-police, car L05 is rather pathetic. Worth doing? L05's will never be a power house with those swirl port heads, and intake manifold that chokes the life out of it.