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I have a 99FRC, great condition 60,000 miles with aftermarket exhaust. Recently I have seen a couple of very low milage 2002 Z06s for sale for around $33,000. I figure I can get around $21,000 for mine. For $12,000 I can put on some aftermarket wheels, get the Ligenfelter 430hp package and still have a little left over.
Mod it, to me the looks of the hardtop C5's are simply amazing. I love the way they look and I think sometimes people always want to get WHATS NEW right away. I say the hell with that. there are guys on Supraforums that have a 1993 or 1995 or whatever year and they wouldn't trade their car in for anything. They just mod them the way they like them and keep them. I think an Z06 C5 or a FRC Z51 vet is that "Keep it and mod it" type of car. Good luck on whatever you decide
IMHO: Modding is quite an experience. And, it is certainly a mixture of a bit of hell, as well as, DIY self satisfaction. Frankly, I have had the pleasure of owning many exciting four and two wheel vehicles. But, I received the most enjoyment when I personally tore down an engine, suspension, brake, interior, or, exhaust system, and, upgraded it with the latest mods. And, especially more so knowing that these custom mods brought my car to a level of performance, and, looks that in my eyes, far outshines the newest model. Wait and see: Your Lingenfelter project and new wheels, etc., will be awesome! Go for it!