Not sure what he means by th opti being a plus...over what?
Here's a link to LT1 history. http://en.wikipedia.org/wiki/GM_LT_engine The 93-95 F-bodies were rated at 275 horsepower, not 300. The 92-93 LT1s used speed density fuel management, batch-fire fuel injection and a dedicated engine control module (ECM), not the ideal setup. Among other things I think that means you can't flash the computer but need a chip programmed and swapped.
I am running a bone stock 94 LT1 with close to 130,000 miles (only modes are Sanderson headers and cold air inlet and some small tweaking of the PCM) and a 4L60E auto and when I ran it at DNI it had an open 3.54 stock rear. The car weigh 2905 with a full tank and no driver. Not sure what you consider respectable but I turned consistent 12.9s at around 103 by simply stomping on it when the light went green. I've switched to a LSD and 3.7 gears but haven't had the chance to run it yet.
I get 18.5 mpg in town and 25 mpg on the highway running at 80 mph.