Rule #1. Don't listen to people who say things like "opticrap" or "optispank." The optispark is a ridiculously fantastic piece for what it is. Optical trigger is said to be accurate to 0.05 degrees. The crank flex will cause more spark change than the trigger will. Having said that, they are a distributor with a cap and rotor. The fact that they tend to last well over 100k without needing anything is pretty impressive. Mine went 130k before the rotor broke. GM only ever sold the whole unit, not just parts. Aftermarket like MSD had cap/rotor combinations.
The main thing that kills them is that the water pump weep hole is directly above it. The pumps do tend to weep... mostly from the Dexcool turning into sand jello. If it has Dexcool, I suggest a complete double flush and switching to old-school green.
There are a few ponies to be had with a cooler stat, but I don't recommend it. The reverse-flow cooling means that the 190 degree stat works a bit backwards. Instead of the engine heating up to 190 and opening the stat, it basically waits until the radiator is 190. So instead of a normal car that the engine gets to 200 and opens the stat to cool down, the LT1 waits until the radiator coolant is 180-190 and then heats it up from there. There is absolutely not an overheating issue. No reason to switch unless you're chasing the last couple ponies. Basic breakdown. You can flash the PCM for a a little leaner fuel curve and get +5hp. You can also bump up the timing a bit and get another +5 but you have to run 91 octane. You can put in a 160 stat and reflash so the fans come on earlier and get another 5-7 hp.
The aluminum LT1 heads don't flow as well as the LT1 iron. AL heads flow about 20% better than the old TPI heads. LT1 iron heads are actually an accident, and they flowed so well that GM copied the ports exactly to make the Vortec heads. If you don't mind the extra weight, the budget thing to do is swap to iron heads and stab in the LT4 "hot" cam. Easy 330-340 hp. Aluminums can also be ported to flow as well as the irons, but not much more before you hit water.
Rotating assembly is straight-up one-piece SBC, so strokers and pistons are dollar-store cheap. As I'm sure you probably know, the head/deck water passages are different between LT1 and SBC. There was one Impala SS guy who did the swap... welded the holes in the heads and re-drilled to put old heads on an LT1. So... um... congratulations, he made an old school SBC for no gain. Aftermarket LT1 heads are basically the same casting as SBC heads, they are just drilled and ported to match one engine or the other.
Stock intake is compact, and very capable. It's not a restriction until about 450-500 hp. Factory exhaust manifolds kinda suck, but if you think changing plugs on an F-body is tough with manifolds, better hire a trained rat to do it with headers.
If you turn up the power, but cautious with super sticky rubber. My buddy swapped a modded LS/T56 into his 92. He would have been fine if he didn't put R888s on it. First time he grabbed second, the 7.5" rear ejected the carrier out of the cover. Sheared the axle ends right off. The downside is that there is no bolt-in upgrade. You can't just find an 8.5 from a [insert car] and bolt it in because of the unique mounting and torque arm.
If you're going to track it, subframe ties are worth their weight in gold. The ticket is to buy bolt-on ties and weld them on.