I thought I might throw my 2 cents into this conversation. I always read gen 2 LT1 stuff when posted because I own three of them. Two run('94 Z28 Camaro, '97 SS Camaro)and the third is going into to a project truck('57 Chevy) if I ever find the time to finish it.
As far as the optispark distributor, On the '94 I've changed the distributor twice in 110k miles. It has the older non-vented design which crap out at roughly every 50k miles. The last one I put in was a newer design MSD that includes venting and has gone about 10k miles trouble free. I also have an MSD unit on the '97 that is trouble free.
With regard to Dave's question, I have been considering going to a crank triggered coil on plug system in the '97. Not because the optispark is problematic but because it would allow me to use a PCM that is way more advanced than the original '97 PCM along with the precise spark energy and accuracy of coil on plug.
I know a engine tuner that told me the LT1 PCM's are dinosaurs compared to the newer LS PCM's in the sense of being smarter and faster. Makes tuning a big cammed LT1 possible. Here's a link to a setup I'm considering buying from what seems to be a very innovative company. A plug and play setup that can be done in a day.
https://www.torqhead.com/how-it-works.html
Nolan