c5 zo6's are badass dude. can't think of a better all around sports car for the money, esp considering the performance (and the huge v8 balls hehe). z06s and zr1s were the inspiration for building my ls-rx7.
check out this vid. this guy is a great driver, he got the car down to 2700 lbs, 385 whp (only engine mod is exhaust/headers!). I talked to him at the last autocross I went to. He's been working on the suspension setup for a year or two now, sounds like he's got it dialed. He gets fastest time of day at many of the events he goes to. I watched him very closely when I was working the autocross picking up cones, you would not believe how fast he was carrying the car thru the slaloms, looks almost impossible
BTW: I forgot to ask him, but the chassis itself looks like a FRC not a z06. He pretty much modded everything else that was bolted to the car I guess but it's still a very impressive car.
EDIT: as far as cosmetic stuff, I would leave it alone. I saw a red one a few days ago, it had some suspension mods, nice wheels and tires. and an aftermarket exhaust. I chatted with the guy at a stoplight. Car looked awesome.