What is it you think I "want" to do? Long term my goal for this truck is big HP, but that could be 10 years from now. Or next thursday. I change my mind a lot.
I was of course not planning on major engine surgery right now, but since I do want to throw some more money at it in the future I might as well get the right "foundation" now. The L33 to me seems like a better engine in many ways, if I can find one for a reasonable price under 100k. Unfortunately it is getting harder to get the older engines with low miles...
Why can't I use a Gen 4? What modifications would be required other than the computer and the cam? I've also been thinking about using a stand alone computer anyway. Not a "necessary" thing to have again but neither are leather seats. The thing about newer engines is they are amazingly cheap often with very low miles.
I want an untouched factory GM engine because as long as it runs right, and the miles aren't too high, I can probably trust it. If I did this I would probably replace most of the gaskets (not the heads) and cam/timing chain/oil pump, however, this kind of work is much different than doing head gaskets in the vehicle or pulling the engine. I have a muscular problem that makes it very difficult to work on things that are not sitting nicely on a bench in front of me. I can't crouch under the hood and definitely cannot lay under the truck.
Since I have to pay a mechanic, it's going to become a very expensive game of "lets do that too while you're in there" if I fix the original engine, whereas I could do most of that myself on a stand.
Before it popped I already wanted to get a second engine to have and build on a stand to be swapped in later on. Yes, I know they can easily last 300,000+ miles, but I'd still rather have an engine with a lot less than that. The old LM7 isn't getting scrapped or traded for a core, and I'll probably end up replacing the head gasket myself, in the future. I already have 2 of these trucks, probably will end up with another. Always nice to have a spare engine laying around. I also have an old Jeep project that might like an LS too.
I've spent too long playing with turbo diesel trucks, where it cost $2000 to fix something just about every time I fart. That makes LS engines feel almost free in comparison!