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Butt....I'm quite sure the Z07 package on the GS would be essentially identical to the differences in the Z07 suspension on a Z06. A quick search turns up a few threads about the differences on the Z06.
for the GS does the zo7 package add different suspension components, or is it just a different tune for the magnaride shocks?
Not just tune, they are different shocks with higher static dampening. Spring rates are almost double up front, also higher at the rear, and sway bar bushings are also specific. Finally, all peripheral components will also have different tune (ABS, stability control, etc.).
EDIT: The physical hardware seems to be identical, but the tune might be slightly different.