It depends on what it is. Something like a spun bearing it would need to be completely taken apart and machines. Valve train stuff is a lot easier and cheaper depending on what it is. If you've got a valve slapping a piston head then it can still be very expensive. Something like a broken spring or a bend rod would be the cheapest. But it would still be around $600ish to fix.
i have to agree... its definatly top end, most likely either a collapsed lifter, bent push rod, broken valve spring or it lost the valve keeper... id pop off the valve cover, and watch the valve train while it runs to pin point the loose rocker... after that ull be able to narrow down the cyl. and wich valve is the culprate...
-if its a bent rod, loosen the rocker, and replace it (just personal preference, but if i replace 1, i replace all) but if on a budget u can get away with just the 1
-if its a broken spring or missing valve keeper, they make an air tool that screws into the spark plug hole to fill the cyl. with air to hold the valve up, and theres another tool that will pivot on the spring using the rocker stud to put pressure on the spring, pop the keepers out, then remove the broken spring and replace (again i like to replace all, but thats just me)
-if its a collapsed lifter, ur looking at pulling the upper and lower intake, (wich although is an easy job, requires a scanner to set the base timing-however, if the distributor/cap/and rotor is carfully marked and dont crank the engine...it can be reinstalled with out a scanner if need be, u might notice a check engine light with a code for ckp/cmp out of sync at start up but itll be close enough to get it to a shop that can adjust the timing and probly only charge an hr or so of labor, or u might get lucky enough that ur still within the 2 degree specs that it wont need adj) pop off the upper and lower intake, both valve covers (driver side will need to be removed for intake removal anyway) loosen the rockers and remove the push rods, they make a tool to remove the lifters (lifters are ALWAYS replaced in sets due to cam shaft wear on the lobe is peticular to each lifter - sum1 correct me if im wrong but i beleive the vortec is a roller engine therefor i dont know if this rull applies to roller lifters...) replace the lifter(s) reinstall with a intake gasket set... just be sure on reassy. that u silicone the joints on the intake gaskets, and remove the (sorry for lack of better language, PIECE OF $H!T) heater fitting at the right front of the engine and replace with a 3/4 barbed fitting, cut the heater hose behind the crimp fitting and install a hose clamp on the barb... sounds complicated, but in my experience vortecs are notorius for intake gaskets, worn distributor gears, and crank sensors so ive replaced quite a few... its actually quite easy
all in all, its a fairly cheap fix... hope this helped
btw, i have worked in alot of shops, so i have experience...but by no means am i an expert, im only 23, so if theres sumthing i missed or am wrong about, please tell me