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I still own my 04 GTO M6. I use it as my daily driver. I just couldn't let go of the goat when i was looking for my Z06, so i kept both!
They are two different animals.
I love the Z06 for it's race car performance and looks. The Z06 is and will always be my dream car, so if it was between the two i would not even hesitate to trade in the GTO.
The GTO is great for me as my daily driver since it has 4 seats and it doesn't stand out like the Z does, and it has more than enough power for me as my daily driver.
I would say go for the long tubes. If your county has emissions, it'll be the OBDII test anyway because it's '96 or later vehicle. They won't sniff the tail pipe like the old cars. I would do:
Long tubes
Air intake
Shifter
Tune
The tune can really make a big difference.
As for the shifter, I've only driven Z06's with the stock, C6 Z06 and MGW shifter. The stock shifter plain sucks, anything other than that is better. The MGW is very notchy but I like it, you have a positive feel on the shift.
Designer Imagines A Corvette That Looks More Like a Corvette Than the Corvette
Slideshow: A Jaguar designer's personal project imagines what a modern front-engined Corvette might look like if Chevrolet revisited the golden age of the Stingray.