If I read your last post correctly, this has nothing to do with an LT1, and the question your really asking is... "How do I run DIS on a Gen1 block, using LS1 coils?".
There are probably 1148 ways to have DIS. Megasquirt will be one of the cheaper ways to get it. In that case, a cam sensor is not necessary. A crank sensor will be sufficient, providing you're happy with wasted spark.
Google Megasquirt Sequencer and that should get you started.
I haven't verified it, but it may be possible to use Megajolt with the sequencer. If so, it would save you a couple dollars if you only want ignition control.
There are a number of aftermarket EMS's that will allow you to run LS type coils directly, including Wolf3D, Haltech, Motec, etc. I've even heard a strong rumor that SDS can be ordered to drive them.