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Without a doubt. You can make a 5.3L into an iron block LS1 by boring it over. The 5.3L has everything you need, just buy the bigger pistons.
Know ahead of time that the cost of machine work and new pistons will be twice as expensive as buying a 6.0L. Only build the iron block 5.7L if you have something to prove, otherwise there's better power to be had with the 6.0L for a starting platform.