What are the stock pistons, rods, and crank made of in a 97 LT1?
How much power can these stock components handle and what is the weakest link?

 

rods are powdered metal ~450hp
pistons cast aluminum ?
crank is cast not forged ~450hp

the pistons are the weakest in my opinion especially with blower or N2O.

 

Those are safe estimates, and I believe the pistons are actually hypereutetic. There are guys putting out more power than that on stock bottom ends with power adders though, you just have to realize that IF it gives up it was your fault not GMs.

 

I believe that some people have put 600 on the stock crank.

 

Stock LT1 pistons are hypereutectic pistons.The high silicon content of hypereutectic pistons adds strength, and resistance to heat.They're stronger than conventional castings, not as strong as forgings.But they are still cast pistons, just have a high silicone content.
The idea behind hypereutectic pistons is to not be forged, yet be stronger than ordinary castings. Hypereutectic castings are about midway between average forgings, and average castings in terms of durability. Forgings are physically stronger, and better able to take occasional past-redline excursions, and the odd bit of detonation. If you're running a nitrous system, or a blower, you're be better off with forgings.