Well... you would be out of your mind to pay 4500 for an LT1 car, thats approaching the lower cheap end of LS1 territory...
The hot cam is a baby cam, but still sorta needs a tune, I would check to see what they did exactly on that and how old the springs are. Hotcam and stock springs makes for some lovely valve issues. 1994 is sorta a mid year car, not quite as bad as a 1993 but not the full improved 1995 LT1.
Otherwise, looks nice, and a T56 car is always a good investment. Better save for a new rear end :woott: