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One thing you have to remember is that the 350 Hp of the L46 was gross Hp. The engines today are rated in net Hp. You would be surprised how much that makes a difference. 350 gross equates to somewhere in the low to mid 200's net. Both my L46 and LS1 are rated at 350 Hp, but the LS1 is much, much more powerful.
It is very easy to change a L46 into an LT1. Carb, intake, and cam. With free flowing exhaust, the 350 can really scream! 2" pipes, mediocre rams horn, and stock QJet/low rise manifold really cut into the potential. Yet my completely factory original L46 w/ QJet ran much better with the simple change to glass packs once all the insulation blew out of them. I was running 2" pipes will hollow bullit shells for several years.