Not that this has anything to do with motor pictured above:
I've heard that some guys who do weekend road racing will put a LS7 in their GTO/Camaro/Corvette then take out the cam and put in a LS1 factory cam and end up with about 470hp and a lower redline.
Since road racing involves a lot of extended high rpm running the valvetrain takes a beating. By leaving the factory LS7 valvesprings, etc. and taking the rpms down by 500+ they get almost bulletproof reliability and still have the 460 torque that the 7.0L motor offers in it's original 505hp guise.
When it comes to ALMS and Grand Am racing the motors in the Corvettes are not that impressive. They are so choked down by the governing body that hp is less than what you can buy off the street.