Looking at the numbers posted on the Z website, it might not be as far off as you think. There are guys putting up numbers in the 205-210 range with just IT-legal bolt-on mods; it doesn't look like any of them have touched the internals. It also looks like most of those are street cars, so they're probably still sporting most of the pollution equipment. I would bet you could get 220-225 out of a full-tilt IT build (including engine management & dyno tuning). 235...might be a little optimistic. Problem is, there is only one way to find out.
EDIT: just for the hell of it, I re-ran the weight (per the process) using 225 at the wheels (265 at the crank), and it looks like the car would probably have been about 140 lbs lighter had that number been used. Also of interest, using the 277.5 crank HP number it looks like the car received about 130 lbs of weight after the base weight was calculated; i.e. the car's weight would have been 3122 just using the ITR pwr/wt multiplier, yet it is classed at 3250. I'm guessing it got rewarded for great suspension & brakes????
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