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i don't think anything special. just a pair of letters. these cars had LS 4-5 and a few LS6 454's. nowadays they used the designators over again on 5.3 and 6.0 small blocks.
Nowhere Man is spot on. All engines were specified within the L-code group. Air conditioning was listed within the C-group; brakes were within the J-group; transmissions, the M-group; radios/sound the U-group; and so on. There were some options and groups that weren't so clearcut: exhaust, steering, and aluminum wheels are all in the N-group. These groups were used across all of the Chevrolet lines such that option codes could be offered not only on Corvettes but the Chevelles or Camaros or some other model too.
LS has become shorthand for all Gen III and Gen IV SBC V8s. When a specific engine is ordered for a vehicle, 3-digits were used, such as LS1, LM7, LQ9, LS6, etc.
Gen V SBCs are now LT engines, reusing yet more names and adding more confusion. How many LT1s and LT-1s have there been now?
Here's hoping that the Gen VI engines bring back the L48 and L82 names.
Kind of makes you wonder how they came up with ZQ3 for the 1970 base engine.
The ZQ3 is not an engine code, but a package code that denoted standard level components and trim. You couldn't order the standard engine separately - just like you couldn't order standard brakes or standard steering, they just were. Additionally, the ZQ3 code, as far as I know, is only called out on the assembly order and not listed in any of the option codes as we are discussing here.