Here's the deal on gas for C5/C6.
For some of the C5 years, GM calibrated for 91-oct. For the rest of the C5 period and all of the C6, so far, GM has calibrated for 93-oct.
This means that best performance on days with normal temperatures (ie: not a real hot day) will come with 93-octane gasoline.
Use anything less than that and you loose performance due to the engine controls' knock retard ("KR") feature retarding spark to keep the engine out of detonation. KR causes reduced performance, reduced fuel economy and increased coolant temperature.
Nonetheless, the stock calibration has enough knock retard to allow the engine to safely run on 87-oct. gas but when you do that, know that you take a significant performance "hit", your gas mileage will be worse and the engine will run warmer.
Now, on real hot days, to get the engine's ultimate performance you may need more octane than 93, perhaps as much as 95-96 to keep the engine out of detonation.
There are a lot of myths about gasoline, one of which was posted earlier:
Unfortunately, that is not correct. Octane has nothing to do with flash point or the temperature of combustion. Octane is a measure of the fuel's resistance to detonation. Generally, higher octane gasolines have a slower burn-rate but that's not universally true. Some racing gasolines have very rapid burn rates.
For more information about gasoline for Corvettes see:
http://www.idavette.net/hib/fuel/index.htm
Admittedly, this article is a bit dated with respect to some technical issues relating to oxygenated fuels but the rest of it is still quite pertinent.