Kind of glad I stumbled back into the CAC tonight. Been a long time since I've been here.
The factroy engine finish is not really a powdercoat. It is more durable than paint due to it's thickness but is prone to discoloration from chemicals, and even straight water if it's applied while the engine is hot. But it's not as drable as a powder is. Powder will resist oil, coolant, gas, etc. Just keep acetone and aircraft stripper away from it and you'll be good.
Finding a powder that will match the factory color will be tough. The factory finish will not consistent with the powder. As it ages, it will change colors. The powder will stay bright and have a nice luster to it.
I have done a motor in a factory (original gloss and hue) and it looks real good. But IMHO, it's better to go a little above and beyond and make the motor a eye catcher, as we all know the LT5 is a work of art.
I'm running powder on calipers as well, and after several autocrosses and a couple of track days, they still have the original gloss to them. So the heat is not a issue with the powder.
Tom, shoot me a email, you'd be surprised on the cost that I do this at. jeff2577 (at) yahoo (dot) com
Stock look (old camera forgive the poor picture quality)
http://www.pnwzr1.net/Jeff/Powdercoating/IMG_0306.JPG
Here are some other colors.
Black with Silver
http://www.pnwzr1.net/Jeff/Powdercoating/IMG_2117.JPG
Yellow with Black
http://www.pnwzr1.net/Jeff/Powdercoating/IMG_2119.JPG
Black Chrome no lettering
http://www.pnwzr1.net/Jeff/Powdercoating/IMG_2392.JPG
Admiral Blue no lettering (don't ask about the blanked
out letters)
http://www.pnwzr1.net/Jeff/Powdercoating/admiral.JPG
Silver Fleck/Red Lettering
www.pnwzr1.net/Nick/Plenum/IMG_0223a.JPG
Red/Black lettering
http://www.pnwzr1.net/Jeff/Powdercoating/DSCN2726.JPG
Black Wrinkle/Red lettering
http://www.pnwzr1.net/Jeff/Powdercoating/MichaelM/IMG_4259a.jpg
Black Chrome no lettering
http://www.pnwzr1.net/Jeff/Powdercoating/JohnP/BlackChrome.jpg