I have an older v1 with the oil return and straight cut gears on a gen 2 lt1 in my 442. Has over 8,000 miles on it and beside being non intercooled it's a nice system. Have no idea what it's putting down hp wise but it moves out for using the stock cpu and vortech fmu. Next step would be getting an aftermarket controller for it to open up some tuning options as I am using the 93 lt1 chip based computer and it's hard for me to find someone to burn a chip for my setup.
I'm going to 411 swap my LT1 this winter, easy peasy with the OBDII LT1 timing cover, reluctor, etc.