Thanks for the replies.
My friends here are all telling me pretty much the same. I am excited about the Fuel Injection for power and economy. My 88 vette gets 24 MPG at 80, so I am looking forward to some really good MPG and power.
I have a friend here that has an LT-1 in a 1941 Chevy sedan and he loves it.
I got the pontiac for $1300, looks like entire drive train will work including rear end.