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Don't worry about your 97. Congrats on the C5 and welcome to the asylum. We love these cars and help each other out tremendously here. Each year can have their own share of problems. Like all used cars, you can have some problems but most all can be resolved one way or another. Enjoy it and drive it like you stole it. And post some pics for us to enjoy!!
I've had my '97 Arctic White C5 (#502) for seven years now. Currently has 61K. Just the normal issues for the C5; dim HVAC display, worn headlight gears, sticky fuel gauge, poor lighting etc. As far as the ABS/Traction Control issue, when I used to drive the car once a week or less, I would get code/light frequently. Now that I drive the car almost every day, the issue is gone.
Don't know much about the 97 model in particular. The major improvements to the C5 occurred in the 01-04 models. Incremental improvements from first year to 2000.
I have owned two C5s, a 2000 coupe and my current 03 Z06. Loved both cars but my Z06 is the most thrilling car I have ever owned.
welcome to the 97 club, bought mine last spring it has 90k on it, previous owners did some nice bolt on mods, saving me the cash. I am working on a bunch of minor issues typical of a 16 yr old car.