LT1 is asuperior engine to the L98... LT1 only has abit more cam and better heads but makes much much more power. I'd shoot for one of those with a mild cam in it like a CC305/503 and make well over 400hp on motor and yet be very driveable.

Else you can just do a mild rebuild on a L98. mildly port the stock heads, get them setup for screw in studs, proper springs to match a cam like the CC305/LT4 hotcam and run a holley stealth ram.
OR better yet, vortec stealth ram with vortec heads on top. that will EASILy make over 300whp and run mid 12's with proper gear/tire/converter or stick shift. you wont have to spend much money on this motor if you do most of the work yourself