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Yeah, a bolt-on LS1 should definately be in the 12's with a compotent driver. I dont even have full bolt-ons and im shooting for a 12.7 this year on street tires.
A full bolt on LS1 should be low 12's, add a cam and it should be in the 11's. The problem many people have , and it goes for all cars, is that they don't match parts very well and thats why some cars cars don't run what they "should". For example I know of an LS1 around me that has a huge cam but a pretty small (3000 rpm) stall, and it does not run anywhere near what it should.