Other than money I can't think of a reason to go with an LT1 over an LS1. The heads are much, much better from the factory. I've heard of people hitting over 400 RWHP with a cam swap on stock heads. You'd be lucky to get that with heads/cam on an LT1. LS1's also have a better ignition system, 6 bolt mains, and you can swap a cam without pulling the intake manifold. As far as longevity, some people say the LS1 isn't going to last as long with an aluminum block. On the other hand there are no LT1's in the 8's, while at least one LS1 car has done that.
It's really just a question of money. You could find a 2-bolt main LT1 for ~1k used and running. Corvette 4-bolt blocks are a bit more, and LS1's are substantially more expensive. If you're going to build it up and go nuts with it you might be better off to go with an LT1 and put the money you save over an LS1 into mods. On the other hand, a heads/cam LS1 laying down well over 400 RWHP would be crazy fast in a car that light. If not, you can spray it.