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I'm running a stock 5.3 in my 72 olds, and a 6.0 in my 68 vette. Very happy with the 5.3 as a DD, great torque curve.
If you want a performance upgrade, the 6.0 is your choice. 400hp with headers and a tune. Cam and heads put it over 500hp easy.
I've had the 5.3 Vortex motors in the last three Chevy 4X4 trucks I've owned. My current is in a 2014 4X4 1500 with 3.48 rear gears and a 6 spd auto trans. I get about 19 mpg, good torque and good power. Never had any problems. As far as putting the same setup in my Corvette? I would for a good dependable daily driver, with good mpg and a good amount of get up and go. As far as a top performance hot rod setup, I would want something more.