There's a ton of 4th gens running around with iron blocks. Iirc they only ad about 70lbs, which isn't too bad.
A LQ9 with a healthy cam, longtubes, a ported TB and a decent converter behind it will be more than respectable for a daily. It'll make that stock, tired LS1 feel like a V6.
Kinda apples to oranges, but my 71 currently has a LM7 5.3 in it. I have a stock LS1 intake on it, with a 228/230 .585 112lsa cam, 1 3/4 longtubes, and a 3200rpm converter, and it'll move out pretty good. By no means a rocketship, but for the money I have in it you can't beat it. I put around 4k-5k miles on it in the summer, and it's been perfect.
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"Those poor souls have made the fatal mistake of surrounding us. Now we can fire in any direction"
1970 Trans Am RAIII 4 speed
1971 Trans Am 5.3 LM7
1977 Trans Am W72 Y82
1987 Grand National
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