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Not sure what exactly is done but I know the car is weighed & adjusted with scales under each tire, the driver's (your) weight is taken into account and since I paid a professional to have it done, it does make a difference in the handling.
With a coilover set up it is pretty straight forward. As said above, you sit in the car, set the fluids where you want (full,1/2, 1/4 tank of gas) and put the scales under each wheel. Adjust each coilover spring pre-load until each scale indicates the same weight, side to side.
I suppose you could do something similar with the "lowering bolts" at each corner of the vette.
Corner weighting is done for extreme performance road cars. the goal is equal weight on each corner of the car. On the 'Vette this is done by adjusting the height at each corner since the weight transfer is diagonal(lowering the left front removes weight from the right rear). With the production parts and assembly variations you could end up with a major L to R AND F to R height variation. Definitely not for the show and shine guys.
If you have your car measured for corner weight you will be surprised at the percentages Front to Rear and Left to Right. I had my car measured when I had the alignment done 6-'05.
LF = 901 RF = 914
LR = 819 RR = 784
53% Front, 47% rear; 1/4 tank of gas,my 170# and some tools and manuals in the car.
If there is any "load" on the sway bar before or after the height adjustment you will have to either adjust the end links and/or buy and install different length end links. If the sway bar is loaded with the car at rest it affects the corner weight.
. i decided not to get it done based on the fact that its a street car and may produce undesirable aesthetic effect
That may be correct. When cornerballancing the car will be close to stock ride height. It may look funny when the driver is NOT in the car, as the left side my look higher then the right.
At any time removing wt from the front left side and putting balest in the right rear or on the passanger side floor next to the tunnel helps balance the car out.
For street use, is it really necessary?? I dont think so, but if you happen to run into someone who has the scales and can do alignments, and you are more currious, then go for it.
For racing or track time, it is a must. The cars just corner much quicker when a corner balance is done.
Hold on here . . . the goal is NOT to get to same weight on each corner of the car. This is nearly impossibly unless the car is perfectly balanced by design.
The goal of corner-weighting is to get the CROSS weights equal, i.e., (LF+RR) = (RF+LR).
Here's an article that explains it in more detail.