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IMO, a LS series engine is FAR SUPERIOR to anyting you can find in a SBC, even BB....fuel economy, is foremost....assuming you keep the computer....I wuld put an overdrive lockup auto after it....I have a 200 4r in my car, but just a later roller SBC...
the LT1 engine is a disaster because of the distributor being up front and down close to the water, and that reverse cooling....it's a last gasp for the SBC block/heads/configuration.....and a mess....
The LS1 would certainly be a great engine, but not the most convenient way to get 350hp.
It isn't too difficult to reach that goal. Depending on what setup you have now, you can replace the exhaust, put some aftermarket heads on it, with a good cam and intake and you will be well on your way.
while i respect genes opinion, i believe an LS engine swap simply involves too much fabrication for a relatively mild build.
i'd suggest the LT1/LT4 route with the newer components that address his very real concerns about the optispark distributor. it would be very easy to get 350hp out of either of these engines and still get excellent gas mileage and not reek of raw fuel out the tailpipe.
ZZ4 crate engine from GM, 355 HP, 405 LBs torque. Almost a direct bolt in reusing most of the parts you already have!
As far as ease of the install. To replace what you have with another small block would be a bolt in deal. As mentioned you can get the ZZ4 or build a 383 or 406 and have over 350HP pretty easy.
As far as cost everything goes up from there.
You can build a simple 454 Big Block to make an easy 500HP but you may still have to replace your front coil springs with some VBP 550 pounders and not to mention you would have to find the correct pulleys and brackets as well.