I'd take a Z06 too. I just don't think the motor is as "revolutionary" as everybody says it is. Smog or no smog, it has 11 to 1 comp, CNC ported heads that supposedly flow 350 cfm, a big roller cam and the dry sump and titanium rods and many other things. I've seen tests on the truck version of the 5.7 Hemi and they got 491hp from it just bolting a cam and headers on. Obviously with CNC'd heads and a bit more compression it would easily eclipse the "Revolutionary" Z06 with over 80 less cubes, and if you pick one up at the boneyard it can be built for less than half the price even if you put forged pistons and rods in it. They want over 17K for the crate Z06 and another grand+ for the controller, and you'll need some very expensive headers too. Figure 20K for that 505hp.
A crate LS7 from summit is 14K, but the controller and headers would be another 2 grand. I think motor that powers a 10 second street car in stock form other than tires is pretty respectible. A guy on one of the vette forums bought a new Z06 and drag races it all the time. By the time he got about a 100 passes under his belt, he whittled his E.T. down to a 10.85 @ 129 with no modifications other than drag radials.
http://forums.corvetteforum.com/showthread.php?t=1794944 A year or so before the Z06 came out, it took 505 c.i. from the Viper V-10 to get 500 hp, yet I see street races all the time of C6 Z06s walking vipers with the same power.
Is a viper that much heavier? Its definately cheaper to build a 408 LQ9 based motor and you'll make a ton more power, but its something about a 427 to the Chevrolet enthusiast that is magical just like Chrysler's 426 Hemi. I love GM and Mopar muscle cars and own some of both, so I'm not trying to start a thread war here. Just stating some facts that I've come across since I've been in the GM LS community.