offset grinding a stock LS1 crank: what else do I need?
On a small block Chevy the pistons are usually around .025" in the hole. If you offset grind the crankshaft you can gain .018" stroke. This leaves the pistons around .007" in the hole. With the right head gasket it makes it easier to get the proper quench. However you only gain around 2 cubic inch if that depending on the bore.
Doing this on an LS1 is a different ball game. You need to do the math and and throughly check things out.
With such obvious restrictions, and the lackluster power potential of stock SBC combinations (mediocre compression, relatively short strokes, small runner volumes), racers would look for every advantage they could implement without blatantly breaking the rules. Hence, this mathmatical manipulation through just re-machining the existing stock crank.
The power increase from this was probably never astounding, maybe noticeable on an engine dyno, and possibly (with proper gearing, fueling, and tuning) just enough of an 'edge' to make one's combo superior over another's, but only a worthwhile endeavor under such relatively strict class rules and limiting factors relating to the use of only stock components. I don't think trying to save money was ever a consideration.
I can't imagine it would be worth the time or trouble for building a LSx combo. With the LS1's longer 3.62" stroke, improved compression and combustion efficiency through better quench/closer tolerances, and obviously excellent cylinder head potential... the physical 'small block' penalty in this case is the LS1's 3.90" bore. If you are planning on using your stock crank, but getting new (affordable) pistons and rods, I would consider looking into a LS2 or LS3 (or 4.00" iron) block and concentrate on gaining power and cubes through increasing bore size. This will help unshroud the valves for better airflow, and still be able to use a readily available off-the-shelf piston.
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