The LB7 from what I understand, can hold more power. Correct me if I'm wrong guys. I very well could be. But they are infamous for the injectors going bad. The LLY's only have an over heating problem. Easily fixed, and cheaper to fix. If I had the chance to do it again, I would go with the LLY. If for no other reason, The injector issue on the LB7's. Hope this helps.
Cons = LB7 = injectors LLY = overheating
Pros = they are both good engines and I would buy both if I could.
LBZ all the way. Programmer to programmer more HP potential. Tranny holds up alot better also. If not get the LB7 run a good fuel addative and you will be alright with the LB7. Not a fan of the LLY to much money to make them fast as an LBZ or7
The LLY does have the most restrictive induction system.
But it does not mean a loss of 50hp and serious fabrication either. Swap in LBZ runners, and an LBZ or custom y bridge and the majority of your issue is solved. Guys have ran 10's in LLY's before Paul