Hate to tell yeah but if you are going to boost a 5.3 even a T56 will likely need reinforcement so $1k is the least of your worries. Finding a T56 for under $1500 these days is rare indeed.
But to answer your question look at the CD009 conversions as well. It will not work with your T56 Trans bracket without mods. Not a cheap option but it's another for ya. GL
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