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yup, its just a supped up version of LT1, better cam and heads and intake. It really has 350hp but GM underrated it as to not tick C5 owners off because the LS1 was rated somthin like 345 when it came out
I'll add connecting rods (cracked cap.. just like Mercury Outboards have been doing for a long time), compression ring (half keystone to prevent ring flutter above 5500rpm..again like big Mercury 2-strokes), timing gearset and chain (full roller chain w/ non webbed gears to prevent excess cam torsion.. the extra mass helps)... pistons are slightly less relieved... valves are lightweight with the exhaust valve filled with sodium/potassium for better heat transfer...
Can't think of anything else off the top of my head....