Best answer....It depends. If you buy a 85 or early 86 you will get iron heads. These cars run ok, but and late 86 and up cars have aluminum heads that do make the cars run a little better. I have owned three Vettes, 86 iron head 87 aluminum head and now a 95 LT1. I also have some good experience with my brother's 94 Z28 LT1 and a friend's 2000 Z28 LS1.
If your friends Camaro is a auto and if he's not that great at the light then you sand a pretty good chance. If your friend is a little ham fisted with a 6spd then you have a good chance. You will increase your chances if you run 1/8 mile tracks rather than 1/4 mile. The L98 in the vette will stop breathing about 5000 rpm, however, the LT1 is just coming out of its torque peak and into its HP peak while on its way to 6000 rpm. This will let your friend to pull on you on a longer track. However, this is assuming that both cars are stock. If not, then all bets are off. It doesn't take a lot of money or effort to make either car run far better than stock.
Just for reference, my 87 auto on a fall night with a fresh tune up at Atlanta Dragway in Georgia ran 14.3
My 95 LT1 auto runs a consistant 13.7 at the same track (with traction control left on and not heating the tires). I see F bodies running anywhere from high 12's to low 14's.
Like I said, it all depends.
Brett