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I understand the reuse but the question is why reuse it?
Marketing.
My guess is GM felt "LT1" would please the middle age generation that buys corvettes. Put a comfort factor on the car and not "too much change". Especially since it has tech that old heads may not like such as the cylinder deactivation. A new name would bring more dislike to the engine.
Personally, I don't like the name LT1. They should have picked something cool like LXV. But again, its about marketing to a certain demo.
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