[BigAls87Z28]

For $1500 bucks, it can be done, but you are gunna have to look real hard for some parts if you want to make about 350-400hp at the crank ie "like an LS1".
A good set of heads, find a good deal on a cam, purchase some valvetrain stuff, and start working hard on massaging the TPI stuff. Don't forget that you will need a tune, and if there is any cash left, you might want to get a torque converter.