I have my start.... 2002 LM7

I finally made the 1st step!  I shopped around for months to find a good deal that was close to home. Finally, I came across a 2002 LM7 for $300 and it had 85k miles on it. Now I need your advise on what my next move is. My gear head buddy says I need to strip it and have it baked. I think the miles are low enough that that's not necessary, but would like to hear your guys input. Also,  anyone who was done a swap like this I would like to hear what cam you chose, reworked the heads,  and so on. I'm not liking to be the fasted car out there. Just want 350+rwh (or around that) and reliability. This will be going in my 1988 NA that just turned 90k. Any advice would be appreciated.

Why did you go with an iron block engine?

I'm at the same stage as you. 87 n/a. Have the engine bay clean and ready for the LM7 I just got.
Trying to get my head around the intake, cam, and the A/C.
I have a similar goal of a reliable swap with 350hp. Maybe we can compare notes-

I picked the motor because the price was right and I'm not looking to make a track car out of it. The weight difference was minimal from what i have read.

I can tell you the conversion and the tinkering after has been a lot of fun for me.
I put an 07 5.3 in mine with "mileage unknown" on purchase.
I pulled the heads just to look around, did a valve job and shaved .020 off, mostly to compensate for the reduced base circle of the used ls3 cam I put in. I have Eric's long tubes with stock ls1 intake and injectors.  I'm getting 330 rwhp, but now I want more.
I'm going with a bigger cam and ls6 intake when I get a chance.
For me I was looking to just get it running so I wouldn't loose interest, I wish I did the cam when the motor was out, much easier.
Best tip I have is to get a clutch disk with deep splines and make sure engagement there and in the pilot bearing is complete!