Wow, I'm just now revisiting this thread. I ran 12.0's at 114mph because I had a bad 60ft time. This was due to haing to roll into it to avoid detonation. I was putting down 384whp and 510lb/ft of torque. It's the torque that gets our cars down the track so fast. I've seen LS1 powered cars (F bodies, GTOs, and a 70 Chevelle) with 450whp run 12.0's. I think they only were putting down 420-430lb/ft of torque though.
Just to update, I have gone with Wiseco pistons (because I got a new set cheap and had to bore the block anyway), stock rods resized for ARP bolts, stock crank, stock caps. It's all internally balanced. The crank was almost perfect and the line bore was dead on, so no need to turn the crank or align bore the mains. If I had to do that I would have gone billet centers, but my budget is tight. I was able to have the crank polished and get the clearances I wanted with standard bearings. I am shooting for about 450whp, so with a safe tune I should have no worries. I will be investing in a wideband, powrlogger, TT chip for adjustability, and most likely a LS1 MAF and translator.