Let me ask a few questions regarding autocross racing since I'm not a fan of 1/4 mile. I won't offend by elaborating.
Let me preface with some specs.
Chevrolet Camaro ZL1: 588hp, 1838kg
Paganini Zonda C12 S: 555hp, 1250kg
Lamborghini Murcielago LP670-4 SuperVeloce: 670hp, 1664kg
1. Who would win: ZL1 or Zonda?
2. Who would win: ZL1 or Murcielago?
3. Why did you choose that car?
Now let me guess your answer. 1. Zonda. 2. Murcielago. 3. Power/weight ratio, AWD (along with their super car affiliation).
Now net me tell you that the correct answer to 1 and 2 is the ZL1. See link:
http://www.fastestlaps.com/tracks/nordschleife.html
How can this be!! This is the answer to 3. Because of suspension technology (let's assume that the super cars sprung for decent tires at those prices and, therefore, they made little difference). The amount of technology Chevrolet has put into the ZL1 suspension is phenomenal.
I say all of this because you can't rule the ZL1 out just based on horsepower weight comparisions to the GT500. The amount of technology in the ZL1 suspension is much greater than the electronically switchable, 2 stage damping rate of the GT500. Heck, switchable rate dampeners have been on the market for years. The only difference with the GT500 is you can do it from the driver's seat instead of having to go under the hood or under the rear of your car to make the adjustment. Even at that, it still isn't new technology. The ZL1 is a continuously adjustable PID (Proportional Integral Derivative) feedback loop based MR (Magnetorheological) fluid technology. It makes suspension dampener changes in the order of 100 times per second based on road conditions. This is something to be reckoned with on the track.
I'm not trying to take anything away from the GT500. It is impressive on paper. It could very well walk away from the ZL1. However, just based on the information we have, nobody can tell. Only a track day will decide.