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My 94 was running great but at 140K it looks like the head gasket is gone (it wont start now). Since I have to tear into the motor, I've decided to "freshen up" the engine. In addition to new seals I was wondering about a bigger cam and replacing the lifters. Also, what is the prevailing thinking on doing the heads? I'm new to this and I don't want to spend $$ to have a 9 sec. car but as I'm "in" already, what's the best thing to do to add a bit without doing so much I have to redo the whole drive train.
You don't need new roller lifters unless they failed or are damaged in some way. LT1's do not have the old style of hyd lifters but a hydr roller lifter. Since it is a roller design it isn't mated to the cam profile like the other design is. So save yourself $300 and reuse them. The Hotcam would add additional power and cost less than $200. Lingenfelter, Crane and Comp Cams all offer a couple streetable cams as well.
Have the LT1 heads professionally ported, apply a three angle valve job and cam matched valvetrain done. Stick with the CNC types for more consistant results. Or you can go the way of AFR and spend $2000 or so for a set. But, you can sell your old heads for a couple hundred to help offset the costs some.
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when i did my 383 rebuild my machine shop advised me to re-use my lifters.. (that had 134k miles on them). They did clean them in a tranny fluid solution (soak) for a few days...