Will it be balaneced correctly? I ordered the shortblock only which didnt come with a flexplate and was wondering if I need a neutrally balanced or one thats counter weighted? Can I just go out and buy a flexplate for an 89 Iroc-Z and it will work correctly on the ZZ4??

Yes. You need a one-piece rear-main seal type flexplate, which has the counterweight on it. '86-up, 153-tooth is the correct part.

umm ... red. are you buying this for lt1guy or a friend or ... is raif going 8 now that you have time after t/a nats ? pls tell me it's going 8