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First what is the stock rev limiter set for in a stock 92 LT1? How high can it be raised safetly without blowing apart the engine? Also has any disconnected their rev limiter or raised the limit?
The fuel cutoff is set in the computer, its not wise to set it higher unless you have stronger springs because youll get valve float before you blow apart the bottom.
What most people do is buy a MSD box and set its limiter, since its a true limiter and not a cutoff.
The ECM controls the RPM limit and I believe it is somewhare around 5850RPM. You will need a chip to change the cutoff limit.
The point about overreving and potentially damaging the valvetrain is a good one. If you do raise the cutoff RPM, make sure the valvetrain can handle it. Good HD springs, retainers, keepers and roller rockers should be installed, especially if you have lots of mile on the motor. Dropping a valve can really ruin your day!