I'm new to the Chevy world and I thought if come here for some help. I'm originally dodge guy but there aren't any v8s that are cheap from dodge so my friend with a 98 cobra told me to look into an iroc. after a while I started to fall for it. I know that they are slow stock but I'm hoping to change that. I found one for sale and I wanted to ask should I go for it. Also would ls1 parts fit on an l98 engine?

 

LS parts will not fit but the good news is that the good old small block Chevy has more speed parts available for it both new and used than any other engine on the planet. You can swap in a 350 or 400 in place of that old 305 no problem and it will look like it was made that way. That and there are tons of 350's out there cheap to buy any day of the week.
You can find a good 350 pretty cheap then go to your local swap meet and pick up some used bolt on speed parts, toss in a new cam and lifters which for a Chevy will be cheaper than any other and bam your making pretty good power on a shoestring budget.
A little extra looking can turn up a 4 bolt main motor with a steel crank,lots of pickup trucks had them so there's still plenty of them out there to be had cheap.