Tuff,
I have a LT1 out of a '95 'Vette in my Nova with basically the same setup but I comverted to a carb setup & I think mine has about 375-400 HP. Sounds like she really wants to get rid of it so I'd just ask her how much she wants to take it off her hands. It does seem a little strange she knows so much about it though. A quick call to a local junk yard mite give u a little range for value.

BoB