Well everyone calls it a 350...technically its a 346...but hey, who's counting
Depends on which LT1 you are refering to...wether it be the earlier LT1s from 1970-1972, or the newest version, the 1992-'96?
I'm not sure about all the details, but the earlier LT1s had solid lifters, allowing for a higher max RPM. There may be some more reason behind the earlier ones, but they are beyond my knowledge.
The new LT1s, from '92-'96, also have a raised redline over it predesessors, plus the big advantage is the reverse cooling. Meaning, coolant is routed to the heads first instead of the block. this permitted higher bore temperatures and reduced ring friction, and helped cooling around the valve seats and plug bosses.
This information came from the Corvette Black Book (and you just thought I was one smart cookie! :L)
I have some more information around here about the later LT1 and the LT4...just not sure where. I think it may go into a little more detail about the newer engines. Someone have more for the earlier ones??
Oh, and yes it is a small block...
And just to get your mind off onto another tangent...the LS1 and LS6 improved upon the late generation LT1 significantly...that engine, however, is beyond much of my realm of knowledge!