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I talked with a couple of guys from GM who did a tear down on an LS1 with about 225,000 miles on it and they said the engine showed now appreciable wear at all. If the car is taken care of then they will go strong for a long time.
Quite frankly, a car at that point in it's life is a blank slate... so many options. you could:
1) just use it as a day-to-day beater (you just heard a bunch of gasps from the purists)...
2) strip it down for light weight, put in some aftermarket seats (the stockers would probably be pretty rought at that age anyway), and rebuild the suspension for killer handling...
3) Build it into a monster 1/4 mile car...
4) make it a father/son kind of project...
5) Give it a wild paint job and killer stereo...
The point is, the worry about keeping it pure and stock is gone... it's still a great car and a good foundation for whatever ideas you have; the only thing it's NOT going to be is a high-doller value survivor.