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The LSX 454 is not a street legal engine. It does not need to meet fuel and emissions regulations, and it doesn't have the same durability requirements as production engines.
If GM doesn't go with an LT4 Z28, the most reasonable option would be to improve the LT1 along the lines of the LS1 to LS6. The LS6 ended up being a 15% improvement over the LS1. The LT1 improved by 15% would make 525 hp and tq. That would be a very good Z/28 engine.
The odds of that happening without another Corvette coming along are 0. If the ZR1/Zora does come out, it will likely be a forced induction engine.
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