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I had the rev limiter raised from 6300 to 6500 on my LT-4. It pulls like a freight train at that rpm! No signs of mechanical distress, although you never know.
Mine is set at 6200. If I manually shift the auto trans at 5800, by the time the actual shift occurs, it's around 6000. Shalin burned my chip, and since his blown vette dynos at 575 RWHP and he turns in the mid tens, I figured he knew what he was talking about.
Depends on how far off your stock tach is. Most of them are anywhere from 200 - 600 rpm off. The LT1 will stop making power at 5800-6000 rpm. Best to make a dyno run and see how well it breathes and what RPMs and set it accordingly.
Don't forget that the LT4 has better rods (vs mid 94 and earlier LT1s), modified crankshaft, bigger balancer and different rings. All of these parts contribute to increasing the durability of the LT4 engine at high rpm. I would stick with the stock LT1 rev limit of 5850. The engine goes flat after about 5000 anyway.