I have considered going with the older style 383 stroker or a 454. However, from a performance standpoint, you just can't beat the newer LS engines. My original plan was to simply swap out my 350 block for a crate HT383 and put all my parts back on. The challenge I face is that after adding my D60, doubler, Corp14ff, a full roll cage, the larger tires, my 45 gallon gas tank, the very heavy front and rear bumpers, and all the other goodies, then loading up the interior with camping gear, I am really a very heavy rig. Most everyone I have talked to agrees that the 383 just isn't going to give me the power I need.
So, I looked at the 454. A new crate 454 is going to run over $6k and used ones are not easy to find. On the other hand, picking up a used LS engine is quite easy, albeit more complicated to install. The performance of the 6.0 is head and shoulders above the older engines especially with frequent altittude changes when I am heading over the passes to Nevada. Gas mileage should be a bit better and fine tuning is easier as well. I compared the cost of a 454 with all the parts I would need and it meets or exceeds the costs of picking up a used 6.0 with 4L80E attached including all the wiring and extra parts.
I agree on the Allison being big and it could force some floor mods that I don't want to mess with. John has discussed moving the engine forward a bit to place the 4L80E in close to the same spot as my existing setup. With an electric fan setup in the front instead of the belt driven deal, I should have some space to work with. I'd like to keep my doubler but I would consider just going with a 3:8:1 Atlas. This would keep my drive line angles reasonable.
If it turns out that the 6.0 could be moved forward and my TC's stay in the same spot, that would be ideal and most cost efficient.