Drag racers typically use 1 qt less (or more) in their pans than the ratings. What kills HP is oil splashing back up into the crank when it throws it.

Nothing worng with running it a quart low if you have enough traps doors and baffles to keep the oil where it belongs; not only during acceleration, but decelleration as well. There's just as much force one way as there is the other.

 

This is typically caused by the use of a high volume puimp without ensuring that the oil can drain back quickly enough to keep the sump filled.

GM engines typically have plenty of oil at the top end, so everything I have read in the last 10-15 years indicates that hi volume pumps are not really necessary. IF you have the sump capacity, and it puts your mind at ease, you can run a HV pump, but 95+% of engines are never going to need one.