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Re: I Want to use the Best Parts. Please advise.
Another option for cast exhaust would be the later LT1 parts. They tend to get a little thin and can crack near the rear cylinder outlets, so inspect them closely. They exit toward the rear (well clear of the K member) , which is nearly the stock location for your chassis.
The pistons are most likely aluminum, not steel, but they may be forged.
If you want maximum MPG, consider getting a good handle on the cam specs. Without knowing the cam profile and the heads you are using, selecting and setting up a fuel system is all but useless.
Ideally, you would use a dual-pattern cam grind with hydraulic rollers, suitable for the intended application. Any flat-tappet cam will require special lubrication, since typical passenger car engine oils no longer contain adequate extreme pressure lubricant additives.
Solid lifters are fine as long as you don't mind adjusting every few thousand miles, but a good hydraulic lifter will do just as well if not better. And you can't just change to hydraulic, since the cam pre-lash ramps are entirely different for a solid lifter cam grind.
On a positive note, if the cam is intended for solid lifters, it likely has a fairly aggressive profile, otherwise it would be unnecessary, even in a "retro/nostalgia" build. In any case, with either solid or hydraulic flat tappets, you'll need to add EP ingredients or use a heavy duty truck oil to provide protection. I've recently seen two Crane cams with wiped lobes in less than 10,000 miles, and one with a wiped fuel pump lobe (which was mostly unheard of in the past).
Have you considered EFI instead of a carb? The included ECM would also be suitable for controlling the lockup on the trans, and fuel mileage would improve along with power and driveability.
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