I've just completed replacing my 96-LT1 Water pump yesterday. While there may be some differences between years here are a few helpful hints I learned:
1. When removing the knock sensors (11 mm for metal shield and 5/8" sockets for sensor) have a bucket ready to catch the fluid and be careful not to receive a coolant shower. When reinstalling sensor lightly coat the threads with Red RTV and tighten to 8 N.m or 70 in lbs.
2. I had to remove the belt tensioner to gain access to the 9/16" bolt used in retaining the water pump on the drivers side. You will find this bolt the most difficult if your equipment is the same as mine. A short 9/16 socket with swivel and stub extension worked for me.
3. MARKSC4 is correct about the gasket removal process, I used a CHISEL gasket removal spray with a brand new gasket scraper to remove the old gasket. Also lightly sanded and honed the metal surface to my satisfaction. Used Electra-clean to remove insulating layer of grease, oil, coolant and dirt from front of engine casing accumlated from 92 K miles of use.
4. Preposition the new water pump in place to check for alignment to the coupling and spline shaft. Rotate the shaft so the pump slides into the coupling easily. Now pull the pump back far enough to position the gaskets (I used permatex on both sides of new gaskets) onto the pump surface, placed the four retaining 9/16" bolts through pump and gaskets and pushed everything forward just till the alignment pins made contact I then added the two outside bolts and started threading all six bolts, this helped with keeping the gaskets positioned properly.
5. Finally I torqued the bolts to 41 N.m or 30 lb ft according to the manual (three times).
6. After completing the reassembly and flushing the system twice the whole process required 5 hours of my time which is not bad. Definitely replace the coil and sparkplug wires if needed at this time since the opti is exposed and routing the wires would be easier.
PS. My operating temperature decreased to 185F-190F from 205F-210F and of course no seepage at weep-hole from the new pump. Take your time, be careful and good luck.