There are a couple different pan configurations with the LS7. From the vette, it has was is commonly known as a semi-dry sump pan.
As you can see, it only has one oil pickup which is bathed in oil at all times.
Just not a lot of oil at any given moment. Its pumped to a separate reservoir, then back to the engine.
A true dry sump has multiple scavenge points had a more efficient pump. Creating a vacuum in the pan itself. The pan never has a reserve of oil in it, thus the "Dry Sump."
Anyway.. Yes. I plan on keeping the semi-dry pump setup in it and setting as low as I can.