Well the lt1 is an awsome engine but it's alittle more pricy to play with. As far as I can say you can chip it but I wouldn't do that until you where done with all the engine up grades. The way I did the one I had was 1- punched out the mass air flow honey combs, but be careful not to hit the fine line in the center of it, best to use a something like a dintal pick and pull one from each side. 2- Get some bigger fuel injectors and rail if possible. 3- Get either a 3.08 or 3.73 posi trac rear end be cause the stock will give out on you. 4- A cold air induction and filter. 5- A chip. 6- 100 to 150 shot of nos and a trns brake if you have an automatic as well as a shift kit. Mine ran in the 10's to 11's