*Darth Vader voice impression* Do not underestimate the power of the Dark..rrrr... gearing.
The tradeoff in gearing is an obvious one... you're trading freeway revs, freeway gas mileage, and (in most cases) top speed for harder acceleration. The conversion is very direct.
If you go for (for instance) a 20% lower gear ratio than you have now, your car will pull 20% harder in 1st gear. Your gears will be 20% closer to eachother (RPM ranges won't be altered, but distance between the gears in mph will be).
Compare the cost of the gear change against the cost of 20% more horsepower.
And you can choose ratio changes greater than 20%... doesn't cost any more.
The main limit on this is that gearing can easily cause your acceleration in 1st gear to exceed the limits of traction. Which is more of a problem on the L98 than the LT1/LT4 as I understand it.
Most people are surprised by how much difference gearing will make... it's a little weird to feel so much more power in the car even though the power plant itself hasn't improved. However, the tradeoffs you're paying for it are also rather obvious.
- Skant