Originally Posted by Lowrider0308
it should be a bad motor when I'm done. But, the more i look into, the more depressed I get. 3k is probably just the engine and trans. Then comes brakes, suspension, hubs, carpet, racing seats, ect. It wont be cheap, easy, or done quickly. The end result will be worth it though.
Don't be depressed about it. If the long block is in good shape, then just focus on the parts you are missing.
For a 3rd gen F-body you can configure the LT1 in three different ways for EFI setup.
1.) You can go ahead and use the LT1 PCM from a 95 F-body (most flexible of that series while avoiding OBD-II) Uses the 4L60E.
2.) Speed-density for the 90-92 IROC/TransAm. Easy to implement, simple wiring as a batch-fire system (No need to use the cam sensor.) Uses the 4L60 (THM700R4) with a bellcrank for the TV cable
3.) Mass Airflow using the 86-89 5.7L TPI . Little more complicated wiring. Also uses the 4L60. Batch fire, but needs a cold-start injector added.
One thing to pay particular note of is the Opti-Spark distributor on the front of the motor. They are sensitive to moisture and are often damaged.
One advantage of stuffing the LT1 into a 3rd gen F-Body is the ease of maintenance compared to the same package in a 4th gen, You could clean the motor up, have it up and running on a weekend, and plan the overhaul/upgrade items for later. In stock trim, the LT1 is not a bad motor. You'll like the improvement over the TBI 305. (About double the HP and good gas milage too.)
I would save the transmission off the old motor. You may need it, or parts of it like the tailshaft housing. As to upgrades, put a good set of coated headers