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LT1's run with New Edge GT's and have a slight advantage over them. So a lighly modded 5.0 will not beat it unless the 5.0 is driven VERY well. A auto LT1 should be around 14.1-14.3. Get some steep gears and drag radials then race him.
You will losei have a 97 Lt1 Z28 and i was beating all my fox buds even with mods. It ran 13.7 on street meats not 14s with no mods i broke into the 12s with hardly any mods .