I suppose it all depends on your definition of "powerful". I had an '87 TBI. From the day it rolled off the line, "powerful" is not a word I would use to describe it. Low end torque? Yes. About 300 ft/lbs. Fuel economy? I'ld say yes, when it was new. Powerful? Nah. Top end falls off a cliff with those swirl port heads and cam. Yes, there are guys wringing more power out of the LO5, but you're struggling in a world of limited upside.
If you're thinking along the lines of factory SBC power, you might want to look at the L31 SBC GM put in trucks after they retired the L05 TBI. Yes, it came after '91, but bolts into our trucks, unlike an LS motor. They're a great repower option. Also known as the Vortec 5700. The Vortec heads borrowed from some of the advances in head design they made in the LT1 program. 255hp and 330 ft/lbs using CPI, definitely more "powerful" than the L05. Toss on a RamJet manifold and the mild RamJet cam and you're looking at nice flat torque curve putting out around 350hp and 400ft/lbs, if you can tune. Other guys put a carb on it and call it a day.
The RamJet setup, cam and tuneable ECM is doable for under a grand if your starting with a TBI engine bay, you're careful, and shop it. I started with a bare RamJet manifold and built from there.
I even left the LO5 block in there since it had 4-bolt mains. The expensive RamJet crate engine uses a Vortec motor nearly identical to the L31 with 2-bolt mains. I slapped a set of Vortec heads on the L05 and converted it to a roller motor using factory parts after sliding in the RamJet cam. The roller swap is cheap and easy for most LO5s. My heads were shot anyway and the original flat tappet cam was worn down as well. The cam and head swap made sense in my case.
You might end up with a little less compression than a true RamJet depending on which version of the LO5 you start with. But you get 95% of the benefit of a pricey RamJet motor at a fraction of the cost.