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I have the F45 packages (with Z06 sway bars, Z51 springs leaf).
A friend gave me his Z51 schocks and I've just bought Bilsteins HD.
They are in front of me : the bilsteins seems to be softer the the Z51 ones...
Looks like the Bilstein HD is softer than the 2004 Z06, and the Bilstein Sport is the firmest..I know that that doesn't directly address your Z51 question, but I would think that the Z51 is more similar to the valving of the Z06 than the Bilstein HD, meaning that it is likely that the Z51 is indeed firmer than the Bilstein's..All that said, I am quite happy with my Bilstein Sports (they ARE firm, not annoying, but firmer than my Z51's)..
I bought my Bilstein Sports specifically with autocrossing in mind. Bilstein Sports are stiffer than the Bilstein HD's. The HD's are more of an OEM replacement and wouldn't be a significant improvement over the Z51's...Read what DG has to say about Bilsteins...I really like the Bilstein Sports and would reccommend them to anyone who autocrosses and doesn't (or can't) pay for adjustables or Pfadt units..
Bilstein Sport worse than the HD? Your friend is wrong...
I've got the Bilstein Sports on my 1990 e30 BMW 325i, with e30 M3 springs (and a host of other suspension mods) and It's 1000 times better than any OEM shock replacement. And, if I were to go with an OEM ride, same quality, softness, comfort shock, it would be the Bilstein HD - same as I recommended to my friend on his 1989 e34 535i. He's in love with that suspension...it's perfect now ( on a stock 5 )
If I were to upgrade from the sport shocks on my e30...they would be adjustable KONI shocks, and absolutely nothing less.
Plus - Bilstein offers the 1,000,000 mile warranty, and if something happens, at any time, free replacement - just read what's covered, and what's not.