[63whoopie]

Wow.... first, I want to say that all of you have chimed in with very constructive, objective recommendations that have been highly helpful. I have emailed the seller (craigslist) and am thinking this:
If nothing else, I can get the trans and sell the engine with all the harnesses and stuff for $400-$650, meaning I'm in the thansmission for less than I could get it otherwise. If I sell the LT1, I still have to find a decent 5.3 somewhere (all the ones I have seen in my price range are either high milage or have a knock/oil pump problem, and are just the engine, etc. Also, the 5.3 seems like a better deal than the 4.8). I like the idea of having everything together, so I'm not piece-mealing engines and harnesses, clutches, and all. Please, y'all keep the opinions flowing about which engine is better/easier to tune and maintain/work on, esp those who have had both.