I was thinking about doing this for a pristine 87 Cutlass I used to have. I had the SBF and the LS1 heads sitting around, and it was worth it to me to do the engine, but when it came right down to it the oil pan was the limiting factor. I'm a fair welder when it comes to heavy stuff, but welding up a sheet metal oil pan to fit the G-body wasn't in the cards. I scrapped the idea when someone offered me way too much money for the Cutty and I took it. I ended up building the SBF with GT40 heads and dropping it in an F150 to sell and the LS1 heads are probably still kicking around in my garage somewhere.
What I like about the idea is the short stroke of the 302 with the breathing potential of the LS1 heads makes a mighty fine 7000-rpm engine that is compact, pretty light weight, and definitely unique
Bore spacing is actually 4.40 for the LS1 and 4.38 for the SBF (or vice versa; I forget) but the .02" doesn't seem to affect things as long as there isn't valve shrouding on the outer cylinders.
I think there is a serious aftermarket potential if people can get past the chevy/ford rivalry. Imagine a kit with the gaskets and intake for this swap. You buy the LS1 heads and have them modified for the outer head bolts, then drop on the intake and run like mad. Great flow, great rev potential, and really fun to open the hood at the cruise-in.
