You should consider what your swap budget will be. I love my lt1 in mine (swapped in 2002) but if I had to have another one, it would be an LS1. There is nothing wrong with the LT1, just depends on your goal with your car, ie cruiser, strip or whatever. I have a hot cammed LT1 that puts down 300 hp at the rear wheels and gets 22 miles to the gallon on the highway (3:73 rear).
There are many "hidden" costs involved with a EFI Swap. You have the engine, wiring, fuel system, accessory bracket choices and other things to consider. Do you want the BLING factor or are you looking for functionality. Before you know it you could have more than $5000 in the swap. Search on this website and others like www.pro-touring.com
to see what others have done.
Are you looking for the "WOW" factor in the conversion or just wanting to get better driveability/mileage? There are other options like the Holley/Edelbrock aftermarket efi kits that you could use with you old motor/crate.
As for Eric's coment about the LT1 "looking small and out of place", I guess it is nice not to look like every other first gen camaro with a carb and 15 inch rallys when you go to a cruise/show.
If you have the budget to do it and want an great performer, go with the LS1/LT1. Otherwise, build what you have (or get a crate motor) and add an overdrive (like t-56, TKO, 2004r or the 700r4.) Hope this helps you. Let me know if you have anymore questions.