Both are very capable. 
ls-1 or carburated s-10?
Depends what your goals are. If you are looking for something that is gonna go like hell and be a strip only machine go small block chevy. If you are looking for good power that can be daily driven go LS1.
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I had a 350 carbed s10. It was quick but it guzzled gas (th350 and 373s) 8mpg and it was difficult to get it inspected. If yall have emmisions. I now have a ls1/t56 355 setup and i love it. The motor has an ls6 intake and headers 340hp and 378ftlb. Much better than 350s 260 and i get 30 mpg. On top of that i can out run most cam only fbodys. Wiring on a 350 is easy. One for dist. One for alternator. One for starter. Go!!! Ls1 your gonna spend more time and money but in my opinion its worth it.
