I could be mistaken, but I don't believe it stands for anything other
than GM's option code. These option-as-name Corvette models have gone
way back to the early '70s with the LT-1. There were the L-88s, ZR-1s,
etc. before and during the LT-1s reign, but I don't believe any of these
had the option as a name displayed on the body like the LT-1 did.

I've seen some hoods with an L-88 decal but I'm not sure if this
decoration was GM or owner applied.

The common "L" theme, beginning in '63, with the Corvette engine
line-ups (L-36, L-89, L-48, L-82, L-88, etc, etc.) is merely the
alphabetical place the engine option shows up in the listings of
options. The special, race-only, ultra-low production engine options
ended up at the end of the alphabet with "Z" prefixes: ZL-1, ZR-1, ZR-2.

Here's waving to ya - \||||

Owen
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'67BB & '72BB

-- not affiliated with JLA forum in any way -- alt.autos.corvette is
original posting --
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"To know the world intimately is the beginning of caring."
    -- Ann Hayman Zwinger