The LS is easier and cheaper to make go fast, lighter, fuel injected if you have the computer, etc. Theres a reason a 100,000 mile LS motor runs and starts like new most of the time, while the old style engines begin to show signs of wear in the cylinders and other parts of the valvetrain. Its newer, and better technology.
Like someone said, you are going to get a lot of people against removing the Pontiac drivetrain here, but there ARE good reasons to go modern IF you want to.
Since you are going to make a change of some sort anyway, they are both good options...choose the one you like best. The LS way you can put a nice overdrive trans in there for better fuel mileage cruising cross country too, while still having lower gearing for good off the line performance.
If you want to head out on road trips at all the LS swap is hard to beat for reliability, fuel mileage, performance, etc. A simple cam change and you are over 400 hp.
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