From what I have seen the fix for a LT1 is an LS1 swap. In the Ford camp we are working the 4.6 and the 5.0 hard to get to the current CMC numbers. The LS1's are just coasting at CMC power levels. If I could drop an LS1 in the 55 I would be all over it. I know this is not the answer you are looking for but I would not spend much money on trying to fix a LT1.

JJ