There were quite a few differences between the 1967 L-71 427/435 and L-88 427/430...
The L-71 was the top street engine for 1967 and could be ordered with most of the available options with the notable exceptions of air conditioning and automatic transmission which were not offered with this engine. In addition, several mandatory options such as a close ratio transmission (M-21), full transistor ignition (K-66), and positraction (G-81) had to be ordered. The engine itself used a block with four bolt main bearing caps, a forged steel crank, forged aluminum pistons that yeilded an 11.00 to 1 compression ratio, cast iron heads with intake/exhaust valve sizes of 2.19/1.72, a solid lifter camshaft with .520/.520 lift and 242/242 degrees duration (at .050). The induction system used an aluminum manifold that mounted three two barrel Holley carburetors with a triangular aircleaner and the previously mentioned transistor ignition distributor with provision for vacuum advance hookup.
The L-88 was indeed intended strictly for racing. The engine itself used the same four bolt main block as the L-71, but made use of slightly different forged steel crankshaft (that was both tuftrided and nitrided), standard big block connecting rods (which proved to be a weak link and were changed in 1968), and a different forged piston that pushed the compression ratio up to 12.50 to 1. The heads were a new aluminum casting and used 2.19/1.84 valves, but otherwise was very similar to the cast iron head on the L-71 (this head could also be ordered on the L-71 under option code L-89). The camshaft was also a solid lifter type, but with lift increased to .560/.580 (unfortunately, I'll have to check on the duration as I don't remember it). The induction system used an aluminum manifold (plenum divider milled down to improve high rpm response) with a single four barrel carburetor. The transistor ignition distributor was a ball bearing design and had no provision for vacuum advance hook up. There were other minor differences (long slot rocker arms, valve springs, fuel pumps, road draft tube, plug wires, etc.), but I think that I've covered the major differences. If you're interested in casting/part numbers for any of the above mentioned items, e-mail me and I'll be happy to provide what I have. The L-88 package included a cowl induction hood (the 1967 version was externally identical to the "regular" big block hood) and an aluminum radiator with no fan shroud. Mandatory options for 1967 included F-41 special purpose suspension (think I forgot that one in my last post), C-48 heater/defroster delete (1967 only), G-81 positraction, J-50/J-56 power brakes/heavy duty brakes, and the M-22 heavy duty, close ratio, four speed manual transmission. Options which could not be ordered on a 1967 L-88 included air conditioning, automatic transmission, radio, power steering, and power windows (unless your name was Tony DeLorenzo and your dad was VP of Marketing for GM, in which case you could get them
).
The L-88 option was indeed an RPO, not a COPO which is one reason why anyone could order it (although it wasn't advertised). All of the L-88s built in 1967 were produced for sale to the public. I can't say how Michael Lamm came to his conclusion, but it is not correct.
The L-88 horsepower rating is the stuff of urban legends. The factory released specs of 430 hp @ 5200 rpm and 450 lb/ft of torque @ 4500 rpm. In reality, AS ASSEMBLED BY GM AT TONAWANDA, the output was 480-490 SAE gross horsepower at 6400 rpm (this was according to the dyno operator who was interviewed by an NCRS member before the plant closed). With a general engine clean up, three angle valve job, and careful assembly, I don't think that 510-525 would be out of the question. Prepared for racing, with substantial head porting and other assorted racing tricks, yes, I would agree that 600 horsepower is attainable (Cliff Gotlobb who raced a 67 L-88 did in fact achieve this). However, considering the way engines were machined and assembled in 1967, 480 hp is probably pretty accurate for a typical L-88. Remember that the estimates above are with headers, as installed in the car (with the stock manifolds, exhaust, and mufflers) the number would be lower.
Hope this information is what you were looking for...
Regards,
Stan Falenski