I guess calling it 1LE is a natural evolution. The gen 3 and 4 of the Z28s were not really performance packages if you compare to the 1st generation.
Adding the 1LE to the Z28 on a gen 3 or 4 gave you a real racepackage. Read more here:
http://www.camarowiki.com/index.php/...Generation_1LE
But I agree that they could've gone a bit further on the mods.
I also agree that a 5th gen Z28 would be better from a marketing point since that is a better known name.
Jan