Paul,
I had an LS1 and have just converted to an L76 using the LS1 PCM.
While the motor is cheap the conversion is not as you need reluctor, relocate knock sensors, fit mechanical TB, new followers , new cam, bolts, under driven pulley. You end up equalling the purchase price in modifications....but its the cheapest HP you will ever buy.I am expecting around 320 RWKW plus greatly improved torque characteristics over the LS1
Time will tell as I am a few weeks away from firing it up.
If you are looking for a nice street set up either the LS1 or L76 will light up your day bigtime
There is a rumour that GM is about to off load the LS2 engines as the LS7 is being brought in as a replacement....now that (LS7) would make a great Cobra engine
Regards,
phil