Brett, I'm no expert, but I think it is a fairly accepted fact that the 70 'vette was supposed to have another 454 option -- the LS6. For whatever reason, Chevy delayed this engine until 71, where it was rated at 425 hp (gross) and $1221 (compared with $295 for the LS5 and $483 for the LT1). There's a (contentious) thread around abouts where a new vette owner was trying to determine if his 70 was an LS6, which would have made it one-of-a-kind.
People have been saying that a 70 LT1 was comparable to the 70 454, and there seems to be some question as to whether that was true in 72 as well. Well, according to a
Motor Trend article from 1972, the LT1
was comparable:
LT1 vs 454
HP: 255@5600 vs 270@4000
CR: 9:1 vs 8.5:1
0-30: 2.9 vs 3.8 (maybe this is a typo, as the base 350 went 0-30 in 3.1)
0-45: 4.8 vs 4.9
0-60: 6.9 vs 6.8
1/4 mile: 14.3@92mph vs 14.1@93mph
60-0: 116ft vs 122.9ft
The LT-1 in this test had 3.70 gearing, but I don't know 'bout the 454. The 454 was also an auto, which probably affected things.
The article also says that the LT-1 handled better, running 2-3 seconds faster in lap times over the 454.
The one thing I'm not sure about is the torque. The 72 LT-1 is rated at 280@4000 net or 360 gross. The 72 454, in this article, had a listed torque of 390@3200, but I don't know if this is net or gross. I would think gross, but it is kind of odd that the article would mix its measurements like that.