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the only issues i can think of is that not all factory 400 cranks were drilled for a pilot bushing, and it might be kind of hard finding a small flywheel that is balanced for a 400- but i'm sure someone makes one.
or you could use a big flywheel with a matching bellhousing and adapter for the T56- i think McCleod makes a "modular" bellhousing system for this.
i think the LS1 trans is stronger than the LT1 setup, but the best way to go is one with Viper guts.
 

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I am looking into something similar... The LT1 trans has a clutch fork and need mechanical linkage while the LSx is fully hydraulic...
I have a old school 350 and I called McLeod. They gave me part number 8710-10 for the modular bell housing and 8707-22 for longer dowel pins.
Call them for specifics on you motor...they'll give you part numbers then you can go to summit or jegs and order...

McLeod Industries
1600 Sierra Madre Circle
Placentia, CA 92870
Tech (714) 630-3668
 

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The LT1 T56 will bolt right up to your 400, but you'd have to get the Lt1 style flywheel, and clutch stuff, which might be hard to find for the ext ballanced engine...

The LS1 T56 will not bolt right up... There are lots of places out there that make bellhousings and stuff... ATS makes an adapter plate also so you don't have to change your bellhousing at all...

AMS makes a flywheel that can be run as internally, or externally balanced (with the weights they supply). You can run it with the LS1 trans, but not the LT1. In fact I bought one from them that is supposed to be for T56 swaps, than can be internally or externally balanced, but now I don't need it as I'm going Gen III... When I asked them what was so special about it making it a "T56 swap" flywheel they told me it was thicker... I don't know if its thicker to make up the space of the adapter plate or what, but I dont have a stock flywheel to compare it with either...
 
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