Everyone says you don't want 3.31 or 3.55 gears in a Z - too hard to launch. You never hear that with a LT1.
It performs about the same as the 302, but with more torque on the low-end.
In 1970, the Trans-Am series allowed for destroking motors. So Chevrolet went with the LT1 in production and TA teams destroked it back to a 302 for the track.
If you want originality, it needs a 302. If you want a driver and more torque across the spectrum, then a stroked 302. Y'all remember the Z29 feature car?
Obviously, this is heresy to some.