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I have owned both at the same time and have had both on the street and the track, if it were me and if you plan to spend a lot of miles in it then the ZL1 is a better choice for that, also like you said cheaper and easier to find and still a great looking car with all the bells and whistles that preforms amazingly as well. The ZL1 is a very well rounded car that does everything very well.
Yes the Z/28 does look just a tad bit more racy and is meant to for one purpose but it comes at a cost if you want that look then thats hard to beat. Only wish they would of did different on the look was used the ZL1 hood on the Z/28 but that has grown on me some over time. And like you said, there is something about the LS7 but that too has come with a cost with the supposed head/valve issue, but what an engine.
I could go on more about the 2 cars but in short I sold my ZL1 and kept the Z but I also like to do a couple track days a year and also some street driving but in a perfect world It sure would of been nice to keep both and at times I wish I would keep the ZL1 for street but I have no regrets at all for having an awesome Z/28 setting here to enjoy when I want.
Good luck
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