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All C5 engines used 1.7 ratio rockers.
1.8 rockers on a stock Z06 cam will give about .580 valve lift, and no piston clearance issues. Don't know whether the stock springs would be wise; however LPE recommends stockers for their .580 lift 206/220 cam.
Can't say about the power increase, or issues related to valve train geometry; except that Comp products are usually pretty well sorted out.
My gut feel would be go ahead and do it, but change to comp 918 springs, and leave the stock rev limiter as is. Expect maybe 10 HP?
Other guys herein probably have done this, do a search for more actual info.
I put 1.8 Yella Terras, PAC 1518 springs, and Comp Hi Tech push rods on my 01Z with bolt ons, it was the only change I made between dyno runs and I got and average of 10 rwhp gain. Significant??? Not really, but throttle response coming out of the turns was improved and I have a lot of confidence in my valve train now.
Keep in mind that 1.8 ratio rockers will not work with the majority of aftermarket cams. So if you are planning on a cam, you may need to go back to a 1.7 ratio rocker. So I would only go that route if you're positive you won't be getting a cam.