I am putting a C4 vette 12" conversion on mine... supposed to be lower profile than the LS1's and "more 15" wheel friendly". Just got the calipers in today.
For the LS1 rears, you have to cut the top of the mounting flange off the rear end (where the huge third bolt hole is), bolt up the new backing plate with the bottom two bolt holes, then drill two new upper holes in the rear end. Its not too bad to do, but once again, you need 16" wheels. LS1 swaps are pretty much guaranteed to require 16" wheels or larger.
The SS Brakes caliper is pretty pricey for what you end up getting. I think for the price of those calipers, I'll have my complete 12" brake swap done
also, you'll probably need longer wheel studs on the front with any brake swap. The thickness of the rotor dictates how far the wheel moves out and how much of your thread you lose. I know with the C4 swap its .300". If the LS1 is 5/16", that's a decent chunk of real estate. I don't like messing with loose wheels...