The racks just have different ratios. Yes you can put a GT rack into the LX, if it doesn't have it already. I believe the "sport suspension" package gave the LX the GT stuff.
I'd rebuild the engine as well. It's gotta be losing some compression and I'm sure the heads could use some cleaning up (although replacing them would be better). The factory SD system can be tuned to accept mods, so you can keep it if you don't want to spend the money to go to MAF.
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