Don't know for sure, but chevy prolly recycled the LT-1 designation from the late '60s when they came out with the new & improved model in the '90s.
The '60s LT-1 would be a nice engine to have if you could find one that wasn't blown to bits. It follows most of the typical rules of a performance 350.
The '90s LT-1 was a reverse cooled, computer controlled engine. It uses serpentine belts, a special MPFI intake, special electrical system & all those sensors & powertrain control computers. It'll make great power if you can find all the electrical & electronic gizmos to go with it.
I could be wrong, but I believe that these motors are related to the late '90s & up LS-1 engines used in F-bodies & vettes, that had a carbon-fiber intake, coil-on-plug ignition, reverse flow cooling system, etc.
Basically the '90s LT-1 & LS-1 350s are related to the older 350s in displacement alone. Not many parts will interchange, including the accessories, electrical and cooling systems.
good luck
chip