02 2500hd 6.0 swap to LS1/2??

Im about to pick up a 2002 2500hd ext cab 4x4 for a really good deal. As sits it has a 6.0 that sucked in some water, it still runs but has no oil pressure and the guy says it has a slight knock. i was looking into my options for motors vs rebuilding it and saw i can swap for ls1 and ls2 pretty easilly. what are pros and cons of doing this and how would it effect the mpg? i want it to have some balls and sound good. truck is sitting on 33" tires and might get bigger ones (idk if this matters).

Also any ideas on how messed up the 6.0 might be? since it lost oil pressure im assuming its going to need a machine shop?

thanks

if it sucked in water, it most likely has bent rods/ broken pistons....a rebuild would not be bad, might need a little machine work, but you never know till you open it up. oil pressure could just be a pump issue, if it has 0 oil pressure, might just be a bad sending unit. where you from?

i think i would go for the rebuild. it should be easier than a swap, and the 6.0 is an iron block as opposed to the aluminum blocks the ls1/2 have. wouldn't make a huge difference, but it's been my impression that the iron block will be better suited for the higher heat that is produced from doing "truck" things like towing heavy loads and wheelin offroad. not to mention you could rebuild it with some high end forged internals so it can handle all the power you can put on it! :lol: just my two cents.

Okay this kinda changes things for me a little. Id like to make somewhere between 375-400hp but retain decent mpg and ability for long highway drives if possible. I am working on a pretty tight budget which is why i figured a ls1 swap would be cheaper than rebuilding the 6.0. the original plan was to drop the ls1 in it (which i found for $1k) and rebuild the 6.0 over time.

How much will it cost to have a shop go over the block?
should i have it bored out?
Can i put ls2 heads on a 6.0 block? or is there a better gm stock option for heads than whats on the truck?

BTW i know nothing about the 6.0 motors