Actually, you can powder coat if you wish. It is commonly done on race engines, where the manifolds get red hot. Even a shiny aluminum should hold up fine. I had it on my 383 stroker for 15,000 miles and they were perfect. The trick on manifolds, if you want to gain something a bit more than just looks, is to have the inside of the mainfold powder coated. The shiney, smooth interior keeps the heat in the exhaust gases, and lowers the underhood temps quite a bit, Jet Hot Coatings is a good source. They have several shops around the US, are quick and cheap. They do a lot of automotive work, and also do a lot of Navy work, powder coating gas turbine parts, among other things.
By the way, if you powder coat, be careful to tape pver gasket surfaces prior to the coating. They will thus not be coated. The stuff is so slick that gaskets will not seal well. In addition, if any welding is required to reinstall afterwards, cover that surface as well, as powder coating cannot be welded.
Another very good idea is to powdercoat the intake manifold inside and out. It really resists heat coming from the oil gallery lifter area, and helps performance. Just be careful to not coat the gasket areas (water, carb, etc). But it really looks good.. forever. Here is a pic of my 383 with about 3 years on the powder coat, and no polishing or cleaning other than soap and water.
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or try this page for other pics
http://www.cobra65.org/hardcore99.htm
Cost to do this is in the couple hundred range, and takes about a week, with shipping. I guess you can tell, I am a great fan of Jet Hot. Of course, powder coating of exhaust is normal for Cobras, but it should really be considered for it's performance enhancements as well.
Regards,
PS Edit....
The pure aftermarket small block Bow tie 383 in the links above was built about 15 years ago, though the pics are in 2000. The car was a very successful bracket racer, and a lot of the build up issues are discussed on that link. It is so similar to the L98 you might enjoy reading about it. There is a lot about cam selection, ignition, machining, oil control (blueprinting the pump), and valves, etc. The guy that built this engine was in Ohio in the mid '80's and he was a master of the small block Chevy. After retirement, that engine did a super job as a street/show engine for many years. It is now back out of retirement, and with a new road race suspension (rather than the drag suspension) is road racing out west. If nothing happens to it, I hope to have it back in a couple years.
Hope the write up is of some help to you with your L98.
Obviously, I think more of powder coating than the other posters, especially versus paint, but I agree wholeheartedly that you really do need the heat shields, especially in a modern, crowded engine compartment like the C4.
Again, regards,