Stormcat and matjow: Interesting question.
Yes it will physically fit (same block with some specific non-critical changes, as matjow says), but a few thoughts to consider:
1. A PROPERLY done AFTERMARKET "conversion" of an existing Gen III LS engine to 427 costs well over $20,000. This is because too many parts and too much machining need to be done at aftermarket rates. I think it might actually be cheaper to buy the crate LS7, yank the exisitng engine and resell it, and do the install of the LS7. Note that this will require an entirely new vehicle wiring harness probably, among other challenges.
2. The Lengenfelter offering might actually be a pretty good deal when the costs of a one-of conversion on your own are fully understood and priced out with actual quotes! Think, for example, even "simple" things like emissions compliance.
3. The thermodynamics of a 5.3 liter LM4 and 6.0 liter LS2 are already very troubling (see my book "The SSR Experience") even according to the guy who was in charge of the engineering for it, so stuffing a 500 hp engine in there is just going to make things that much tougher. You'd need to get solutios like a much better engine coooling fan, better radiator, transmission cooling for an automatic, etc.
4. I doubt the 4L60-E or 4L65-E autmatic transmssions' reliability behind that kind of power. The Tremec would work fine I think, but you'd have to have the appropriate vehicle wiring harness, wich does not exist so would have to be custom made
You see how the issues multiply rather quickly . . . :nodno
Jim G