Nothing wrong with starting out with the higher horsepower car if you have the right attitude. The main thing is to realize that you are not a bad ass and unless you are an experienced and educated racer you will probably never be able to take even the base corvette to it's handling limits. Acceleration is a different story and anybody can experience that thrill with all the nanny's turned on. So keep the traction/stability control on and you'll be pretty safe laying down that hp and tq in wide open spaces with no traffic. That's what makes it worth it over the base car.
I don't know much about the "overheating issues" on the Z06, but if they're just talking about heat soak, then it's not a big deal. Heat soak is an issue on supercharged cars, but I drive a 6k pound supercharged truck everyday and have never had an issue. It definitely loses more power than a NA car during the summer, but it's still worth it. If you are beating on it around a road course then it would probably suck losing that power, but not really a big deal on a street car where you only get on it every once in awhile. If the engine cooling system is overheating in anything other than a road course track environment, that is another story and would probably be a deal breaker for me.
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The Z06 is $ for $ the best car in the world today. Other than DA PUBLICAN, of course.
I'm a Ford guy and could agree with this statement. It's just got the perfect recipe for awesomeness. I wish Ford would build a competitor and by that I mean a realistic car unlike the new GT.