Cam chat to queensland girls
Personally I'd go with the later L76 or L98 6 litre versions as fitted to 06' VZ and later Commodores.
The 5L EFI Holden is too old, finished in 1997 and as mentioned won't comply with the emission rules as the 100 is going to be 1998 or later.
Actually the LS1 is available in both alloy block and Iron block (i own both) The Iron block was released in the US trucks in a 6L and is great if you want some boost as they dont warp like the alloy ones do. ALL aussie delivered cars were alloy blocks though with a mix of LS1 and LS6 blocks in the early girls.With a nice cam people are getting 320rwkw in the VE's (at the wheels).Even better but around 7k is the LS3 6.2L The LS1 from a wreck shouldnt be more than 1-1.5k.I think that your point about getting cheaper LS2,s with some k's on them for a good price is correct.
If I were to do this conversion now, I'd go for either an L98 or LS2. If its only worth that much then I would seriously think about pulling the head and the sump, a gentle hone, new rings and bigends, new head gasket and leaving it at that.
There are a lot of variables in this, and they differ for each of us.