I know that this has to have been asked before, but I couldnt find anything in the search. Is there a way stick with the mechanical speedo, or do I have to drop the money to get electronic guages?

I have a 4L60E mated with my LT1.....I kept the mechanical speedo. I bought a converter box from Abbott Enterprises, the product is called CableX. It's like $300 and works ok, I guess....I love the way the stock gauges look that's why I went that route. Honestly if you want accuracy/reliability, I'd just get an aftermarket gauge. The CableX device basically converts the raw signal from the VSS sensor in the tailshaft of the transmission and spins an electric motor to the proper speed, which drives the cable attached to the speedometer.

There are other options, too, like swapping the tailshaft itself. I'd just do some serious research and ask people who are more knowledgeable than I am.