Had an LT1 a long time ago. Cars feel heavy (even compared to mustangs), and the fantastic optical distributor is both unreliable and expensive to replace. Interior is tiny for how huge and long the car is, trunk space is non existent. Window regulators are slow at best, and not working at worst. The cars do have good points however. And they sound like poop by comparison to the mustang
1. Base power. You get 275hp stock, which means around 240ish to the wheels through auto, a bit more through 6 speed manual. My 93 which was the slowest LT1, put down 238 through auto completely stock.
2. Suspension: Get torque arm panhard setup back, SLA front from factory. Not the best design for either, but better than Mustang stuff stock.
3. Huge aftermarket support: LT1s are pretty much a SBC in most of the construction if I remember correctly, so motor's been around forever. You've got a good solid platform to start with.
Things to keep an eye out on. 93 was a weird year. Motor was a speed density motor (no MAF), tuning could only be done through chips (unlike the later years, where you can program ECU directly), auto was an older 700R4 which was cable operated, rather than 4L60E in later years, which could be programmed through ecu, and T56 had more aggressive gears, while rear end was a 3.23 and not 3.42. The rear ends in all cars are 10 bolt GM, which are fairly weak. I have a few friends who broke theirs on drag radials with not a whole lot of power. If the gears are whining, then it will probably go out soon. T-tops are awesome to have, but tend to leak a lot of the times. Optispark (optical distributor) is a problem. If you are test driving one, make sure it's fully warm before you go. If there is a misfire, walk away, find one that runs good.