LS1s suck.... don't cave 5spd.
And what do you mean that you've never seen a 347 dyno like an LS1? LS1s dyno, like you said, in the neighborhood of 300 rwhp. 500 rwhp is kinda steep. Never seen that from an LS1, but I have seen 400 rwhp from a n/a 302. Could a high revving 347 make that kinda power? probably
For a pushrod, yes I believe they are better.
I have never seen an equally equipped 347 out "dyno" a 346. I am keeping accessories, powerband, goals of the car in mind.
http://guerragroup.com/2000TA.htm (slightly bored ls1)
I have seen 400rwhp from a 302, it used C12 race gas, and 12.25:1 compression.
Want to read about the "recipe" for 500rwhp with "heads and cam" on an ls1?
http://www.ls1tech.com/forums/showthread.php?t=732392