I had the ThermoMaster in my 92 for years (94-2003). Can't say it made much difference in performance - I never dyno'ed it. Didn't hurt anything either. Probably not worth the money except for changing the fan turn on temps.
Since I installed the 160 stat at the same time as they ask, it did turn on the fans at lower temps which kept the engine cooler than the stock chip did.
What about now - modified the motor beyond the ability of the stock or the ThermoMaster chip to control it. Got a chip from FastChips.com out of Tulsa and I'm pretty happy.
If you want to lower the running temps on the LT1 and don't mind paying a lot of money for the chip just to keep the engine cooler, it might be okay. Otherwise, probably not worth the cost for a stock motor.
BTW, when my motor was torn down at 103K miles, there wasn't any measurable wear. On cold days, the coolant temp was never below 175 after warmed up and oil temps were usually 190+ -- I'm talking out side air temps below 50 degrees, as the temps go up, the coolant and oil temps went up but I never saw the 230-240 coolant temps any more that I used to see while stopped at red lights in Houston traffic. So, I didn't seem to have any problem with acid burnoff. Then again, my 92 is my daily driver and it gets plenty of exercise.