I'm thinking, forget the idea that the Z/28 has to be the "top dog", or the "street legal race car" idea.
Just keep it simple, drop an N/A V8, (and please, not something that has to be at 6,500 rpm to feel it) into the ZL1 1LE chassis and call it a day. Make it something that can be daily driven, really fun on the track. I would imagine that this price out at ZL1 levels, or perhaps just a few bucks cheaper than the Z-1LE.
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