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I believe all C5s are cooled by drawing in air from underneath, but the Z06 gets its intake air from the front. Those screens on the front of the Z06 are for intake, leading to the air box chamber.
The C5 is "supposed" to feed from the bottom, but there isn't a very defined "route" for the air, but there is, unfortunately, a fairly direct route for the under hood air
The IAT is proably going to be a little higher a than the ambient air due to the contamination from the hot air under the hood.
Get a vararam and feed it some cooler air
I use a vararam and I drilled a hole and put my IAT in the intake manifold. It cools down in about 2 minutes after driving if it became heatsoaked with the car off. There are dead spots in the intake tract before the intake manifold. Putting it inside the intake manifold ensures no dead spots.