is it a good deal

I have been made aware of a 94 LTI 9C1 former police car with 110k miles on it. They want $2700 for it. It shifts kinda hard, and makes a pinging noise when accelerating, that goes away a bit when it warms up (WHAT CAUSES THIS AND IS IT FIXABLE CHEAPLY?). Being a 94 and the first year of the LT1 does the 94 version have more/less power than the 95/96, and is the 94 any worse/better that the 95/96 in general? Is this car worth it to buy?

The differences between the LT1s 94-96 is very mild. The only real difference is that the 94-5 is OBD1 and the 96 is OBD2. If you plan on modding it in a smog area, the OBD2 is a bit more frustrating to pass emissions tests. It is equally hackable for a pro, but a 94-5 computer you can do at home. A 96 requires some pretty expensive equipment to hack.

The ping could be from a faulty or stuck EGR valve. It was a common problem with LT1s and was covered by a TSB for a long time. If its still covered, chevy will replace it free. It could be a faulty knock sensor (the one in the block) or it could be a very old Optispark unit. It could also be excessive oil consumption or fouled plugs.

It sounds tired, but for $2700 its a nice way to get RWD and nice V8 power with a lot of aftermarket support.

Ditto to what Curtis said.

Only real difference between the '94-96 LT1s was the boost in compression in 1996. Compression was 10.0:1 for 94 and 95, and was 10.5:1 for 96. As a result, peak torque dropped from 3200 rpm to 2400 rpm and highway mpg increased from 25 to 26.