What power does the stock 5.3 make should be a fun car? Sounds awesome too haha
270-295 hp, 315-330 lb-ft for the Gen IIIs. Gen IVs made 320 hp, 340 lb-ft. I actually think the Gen IIIs feel peppier seat-of-the-pants. I think they have a little more low-end torque. Could be that the GMT900 trucks/SUVs were heavier than the GMT800s, too.
Also, if you have any plans for hot-rodding or forced induction, Gen IIIs are better because they're iron block.