There is so much more to power to racing. You won't need as much power to go faster, because the foxbody is a lighter car, and can get real light. If you can't get the power to the ground, it's useless. Also, gear ratio's and other things have a lot to do with it. I would suggest looking into NMRA Factory Stock class of racing, look at the power they are making with the mods they have, and even more impressive is to look at thier ET's. It's something worth looking into.
What mods do you have now? What kind of budget do you have? A decent H/C/I package (heads, intake, cam) will take care of a LS1, and a stroker with a good flowing intake, heads, exaust, will embarrass a stock or mildly moddified LS1 powered F-body.
I am a big fan of the LS1, not only do I have a buddy or two with them, but I have one in my Silverado. It's a great motor. Gas milege, power, reliability, powerband, ect.