Yeah, the T56 aint cheap, even used looking at a low end on craigslist of $1200 for trans and bell housing. The T5 should be fine behind a stock any V8 from the 80's. Those steep gear certainly would help with the 2.93 rear gear too.For sure a T56 is more durable, but it costs more and is a more difficult swap. Calibrating the speedo for example. Besides, I already have a T5 and unless I drive like an a-hole, the LU5 shouldn't hurt it. The one I have is originally from an '84 Iron Duke, meaning it's packed with steep 1st, 2nd and 3rd gear ratios. This should work well with my 2.93 posi.
I have an idea to one day build a 327 (LM7 based) T56 Gen 3 Camaro with a C4 rear and Gen 4 f-body front suspension. Stiffen up the Chassis with triangulated frame straps and a tower brace and it should be a fun little car with less than $8K total into the whole thing. Meh, dreams....