I just purchased a 1997 Camaro SS SLP Convertible. Starts up fine after car sits a while and engine is cold. While running the car, the engine acts like it is gasping for air or fuel. Does not perform well. When you step on accelerator it hesitates. If I park the Camaro and try to start up it right away it starts up and runs. The longer it sits harder to start.
If I let it sit for over 5 minutes and try to start it after it has been running. The motor will turn over , but not run. If I pump the gas it feels like it wants to. The prior owner thought it was the Mass Air Flow. When you touch it after the car is running it is very hot. You can crank the motor till you run the battery down, but it will not start. Let it set for a couple of hours and it will crank and run. Please help

 

Try the guys at www.ls1tech.com

 

I'd start by checking the ignition module and testing the fuel pressure. Ignition modules that are failing often have problems working when the engine is warmed up, but may still work ok when its cold. Fuel pressure on an LT1 should be around 43psi IIRC.

 

the above is exactly what needs to be checked
Ls1tech
Ltxtech
camaroz28
are great places to get more assistance

 

Those are good places to look too, but theres lots of LT1 info here and in the "LTx/LSx Swap' section as well.