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Yes, the procedure is well defined in the owner's video (Z06). But don't forget to take it a reputable alignment shop after you lower the ride height to recalibrate wheel alignment.
The 2003 Z06 video tells you what to do to lower the car and the adjustmennts to the front and rear camber for road racing. I do not believe GM is telling you to lower the car but instead as usefull information to improve your performance on the track. Personally, for city and highway driving the car is low enough already.
No, GM doesn't tell you to lower it. I have 30 years of experience working with the OEM's and the way they set it up is best for all a round use. They do however tell you how to do it if your use or desire requires it.