+1 on all the Opti advice. I just changed my cap and rotor out today since my car was running like garbage under heavy throttle. I bought the expensive Standard Motor Products one, It seems to be good quality and though I haven't had a chance to drive it yet, it does run great so far. I'm still running the factory distributor underneath with the Mitsubishi sensor. Personally, I'd try and peruse a few junkyards and try to find some LT1 cars (though you may not have any luck nowadays) to pull the Opti off of, the idea here being to try and find an OEM Mitsubishi optical sensor. They are not invincible, but miles better than any "new" replacement and will likely still work great. I understand if that's a bit much tho lol.
As for the water pump, that is the true Achilles heel of the LT1 IMO. Essentially, there're almost all the same and most are not great. I'd just get one with a lifetime warranty and run a hose from the weep hole away from the distributor. They tend to leak coolant out the weep hole on the bottom, all over your Opti, and give it some hard times. But, with the pump off, the hole can be drilled and tapped for a small hose nipple fitting, so you can reroute the coolant leakage away from sensitive parts and ignore the leaky water pump for a long time, as it seems that the seal inside is what tends to fail, not so much the bearing.