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I have heard similar track before/after success stories. I would love to see a before/after dyno run, but I figure nobody wants to blow $50 to find out.
I also have a 99 FRC, and I also have OEM Z06 wheels, Z06 Ti's, and a Vararam. I went in for a baseline dyno about a month back with the above mods, and my best of three was 317whp. I figure I picked up around 12-17whp betwen the Vararam and Ti's, but I didn't have a truly stock baseline. I figure a 99 LS1 should be between 300-305whp.
In two more weeks, I'll see how much a 224/224 on a 112LSA with stage 2.5 5.3 liter heads, LS6 intake, and longtubes adds.
Unless you figure out a way to force air into the fog light shrouds to approximate travelling >50 mph, the dyno won't show much since the Vararam is a passive (and not forced) cold air induction system.