There's nothing wroing with the 4.8 except it is a torqueless wonder. But they love to rev. 97k miles is nothing for these motors. I just turned 100k and it feels better than it did at 90k when I got it. That seems like a great price on the 00 but I may be wrong. I would love to find something like that for a project truck. Just have to keep it hid from the wife, so I'll have to wait till my step dad builds his shop down here.
They have a few guys in town running 13's and 14's with the 4.8, and I don't personally know of anyone "popping"one.