there's nothing wrong with a '95 Z28.... that's actually a good year for moding because it has the ODBI PCM in it.
I don't see any issues with a high mileage LT1, things to look out for is a leaking intake manifold... these are nitorious because they use RTV sealant from the factory to seal the front and rear. Other than that, look under the water pump, look for moisture... if so, odds are, the Opti-spark is on it's way out.