Vortec, stock 9.5:1, 212/218 cam with 112 LSA. 300 hp and 20 mpg all day.
If you need to smog it, stock vortec intake with the computer to run it. If you don't, carb intake and a Qjet. If you want to go EFI, quite honestly my personal opinion is to skip the TBI. Low pressure nozzles that inject liquid fuel instead of injectors, 390 cfm throttle body, and you're stuck with an aftermarket box or the factory PROM chip box. Factory TBIs run out of breath at 250 hp. BBC TBI units flow more and would suit, but hotrodders know that and prices are proportional.
Iron head LT1s are cheap these days, and (for those who don't know) the 94 iron LT1 intake port flowed so well they copied it verbatim for the Vortec. For all intents and purposes, an iron-head LT1 is the same critter as a Vortec; same chambers, same ports, same rotating assembly. The LT1 does have two things that put it ahead of a factory EFI Vortec for swaps... 1) far superior intake design with actual fuel injectors instead of a spider, and 2) easy-to-hack flash computer.
But if you are going to carb it, there is absolutely no benefit of the LT1 over the Vortec. In fact carb vortec intakes are all over ebay for $120, but LT1 carb intakes are kinda rare and expensive. If you're going EFI, the LT1 offers some advantages.
LS1 is great, but if you want A/C you're either going to spend $$ on an aftermarket serpentine, spend $$ on a tubular K-member, or cut a hefty notch in the crossmember. They really are great, but (just like the BBC TBI) hotrodders know it, and despite the dime-a-dozen LS swaps, prices are high.
This is very rare, but I scored a complete vortec 350 assembly, pan to carb, exhaust manifolds, and all accessories except alternator for $50. To add to the kitty, it was a Volvo Penta that had exactly 15 hours on it before it sprung a head gasket leak... not a blown head gasket with water in the cylinders, mind you... just an external leak. The marina warrantied it out, then set it outside to go to the scrap yard. Did I mention it was $50? It was $50.
What year is it?
What trans is in it?
Do you smog?
Let me know and I'll take you down a long and winding hotrodders path of sordid engine swap ideas that will surprise you. Why did that sound like an ad for a haunted house?
You're in my territory now. How about posting block casting numbers (above the bellhousing beside the distributor), head casting numbers, and some other info about the 5.7 that's in it. We'll start there. If you have some decent pieces, you could save some money building what you have and putting vortec heads on it.