LS1 rated 305-350Hp and 335-375Tq, 1997-2004 (most vehicles)
LT1 rated 260-305Hp and 325-340Tq, 1992-1997
The #'s do the talking. Besides, the LS1 is lighter (aluminum).
The LT1 had reverse cooling; cooled the cylinder heads first and allowed higher compression.
The LS1 used the LS6 intake (better flowing) in '01, but a mild camshaft was used to keep output the same.