The rear distributor conversion amounts to drilling a hole in the rear of the intake, having an angled spacer machined to go under the distributor so it sets at the correct angle, and also making something to bolt the hold down clamp to. Then use a TPI type harness and ECM for fuel and spark control. I think it was fairly common back when the LT1 was more popular. There was at least one guy you could send your intake to be modified, I dont think he's doing it anymore, but the site is still up if you want look at it for more info i think its lt1intake.com.
The vented optispark is really pretty reliable. I only had a problem with mine once in ten years, but it was not fun to have to drain the coolant and remove the water pump on a trail in the woods. The main reason i'm doing it is so the distributor easier to access if something goes wrong.
The attached picture is one i found on the internet to give you an idea what the intake modification looks like.
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