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I have the Z06 shocks and they work great. No more float no more squat under acceleration and no more dive under bracking and they're designed to work the Z06 sway bars. My car is lowered on the factory bolts and it never bottoms out in the rear.
On every C5 I have ever driven with the Bilstein's I always felt they were way to stiff. To me it seems as if they were stiff just to be stiff. And I'm not sure how much R&D went into matching the characistics of the C5's suspension to the shocks. I have the 04 Sachs shocks on my 03 Z and love how they work, especially on rough and bumpy roads. Cured some of the axle hop too.
Well... I went through the exact same decision a few weeks back and ended up w/ the Bilstien Sports (HD's are "worse", you want the sports for our cars).
Talking to the racers and other HPDEr's they all have said the Bilstiens still have BETTER rebound control vs. the '04 shocks, but they may ride a hair stiffer. I haven't been in both so I cannot directly compare the two.
However... these new shocks are lightyears better than my '01 Z06ers and the ride quality doesn't feel much different at all (compared to a Z06 stock; stiffer than a coupe allready). The rebound control is there and the car just hunkers down over bumps and remains completely controlled and tight.
Also... www.corvettegarage.com has them on sale for $299.00 vs. the the Sachs for $370+ now (GM keeps on upping the price)
If you can take a ride in a couple of cars with both types and see which you like.
I have 04 Z shocks and T1 bars on my Z. The difference from the stock 01 Z suspension is night and day. The car is glued to the road, zero body or brake dive. For me it's the best compormise with out going to a full coil over set up