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Seeing that you have a 1998, and therefore an L98 engine, gears probably aren't the best mod. Seeing that you have a manual, then a torque convertor is also not in the picture. I'll agree with BADDUCK - headers, as part of a restriction-free exhaust system, will give you the best bang for the buck.
The most logical solution will be to go with a set of headers! Although you will also need the Y pipe to complete the process. Therefore a little extra money will be needed. Possibly a good set of drag slicks could be in order if you take it to the track! And you could probably throw in a custom tuned chip from PCM for less for all the $500!
Edit: just checked your profile disregard my original response.
With true duals already and an LT1 intake, maybe its time for a bumpstick. Cam, timing chain and valve springs ought to be doable for $500. How about the hot cam kit including rockers?
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For $500 maybe a manifold-back exhaust instead of headers would make sense as a first step.
You could convert an LT1 style exhaust or go with one of the true duals kits supplied by mid america, corvette central and others.
Maybe even the new stainless works 2 1/2" kit that Corvette Kid was talking about, if it is available? Don't know about pricing/availability yet.
Add an x-pipe and some nice mufflers, while your at it.
This would make it easy to add headers later.
Last edited by tequilaboy; Jul 31, 2006 at 04:11 PM.
Exhaust/headers would be the quickest and easiest mod for some noticable power, BUT the right camshaft will be worth TWICE as much power as ANY exhaust mod. 'Down the road' you can add better exhaust, bigger TB, rearend gears, and other bolt-ons. You won't need to have the chip 'retuned' until you add bigger injectors, higher compression, or ported heads.