My first Corvette was a 91 Coupe, base suspension, automatic, manual A/C, 2 power sport seats, and the Bose Gold system. Great car! Then I ordered a 93 ZO7, 6spd, electronic A/C, 2 power sport seats, Bose Gold system, even better car. Just traded that car in for my 2002 ZO6, I like it even better..... the point here is get what you can afford, and think you will enjoy. My oldest son (26 YO)just purchased his first Corvette (a 96 LT1) in December after looking at Vettes for the past year. It wasn't exactly what he wanted, he preferred a 6 spd, but got an automatic because it was such a nice car for the money. He loves the car dispite the automatic.
The Gen 2 LT1 engines are very good engines, the LT4 is based on the LT1 design. Both can be improved if one wants to spend the money.
The sheer enjoyment of a sunny day drive in a Corvette cannot be overlooked, regardless of the year, model, or options. Nothing else in America captures the soul of motoring quite like the Corvette, it is truely a highly recognized American Icon.
Pull up to a stop sign or traffic light in a Vette, and people are going to look...point.... smile... wave... and kids will leave nose prints in the windows as they admire your car. Harley riders and Viper drivers will usually nod in mutual respect for your American sports car. The Mustang, Ricers, and M3 drivers usually want to race. F body drivers, mixed bag... sometimes they want to race, sometimes they want to talk... sometimes they don't even look your way... the later seem to have some sort of identity crisis going on :L
Anyway, like I said get what you can afford, and be happy with... I always told my son not to buy a Corvette as a project car, cause the Vette should be driven, not sit on blocks waiting for parts so it can be driven, (unless you have two Vettes). So what ever you get, make it a driver, not a lawn decoration. :L :L
Good Luck in your quest.
vettepilot