I've been debating what rev chip I should be running. What is the best way to figure out what my max revs should be? What is normally the determining factor? I'm presently running an old 4bolt LT1 350 with all forged internals and a factory balance. Ported W/P Sportsman heads, Crane springs and Gold Rockers with 7/16 studs and girdles. Any help would be appreciated.

 

This depends on the cam/spring setup and the bottom end. If the RPM range of the cam has the power falling off at 6,200 then there is no reason to have it spin any faster than 6500.
If the cam has an operating range of 3000-7000 then that would require a higher setting.
Springs: If the springs are not powerful enough to keep the valves from floating at 6000 rpm then 5900 would be the limit.
The bottom end (especially the balance) also plays into this. Some cheap rotating assemblies specify a redline of 5500 because they are only semi-balanced.
Oddly enough the factory balance is actually quite good if it hasn't been molested. They are able to select-match from a large quantity of parts to start off with a nearly balanced engine. Remember, they have to warranty an engine that grandma put in neutral and floorboarded.
To answer this question we would need to know the cam that's in it, the spring seat pressure, and whether it has 1.6 rockers or if the bottom end has ever been worked on.
EDIT: and congratulations for being smart enough to know that a high-perf engine has to have a rev limiter.

 

About 200 rpm below where the valves start to float. Without knowing the cam specs, you'll never know where to set the rev limiter. That doesn't mean the engine is capable of reaching that rpm but if it was built properly with all the proper parts, that's the range you'll be looking for.

 

The cam's a Comp Cam 12-254-3 with 1.5 Crane Roller Rockers. listed as 2800-7000rpm operating range. I don't remember which part#springs were in it. I know that they are Crane triple's, good for .600 lift. The bottom end has been gone through, but is all stock forged stuff.

 

Your camshaft makes power to 7000 rpm. I doubt you'll take it all the way. You'll probably be shifting in the 6500-6800 range. Set the rev limiter to 7200. That'll give a little bit of a buffer zone if you miss the shift point and over rev the engine. Your valves will probably float at 7500.