Brett:
As I've stated before, the HP numbers in the LT5 do vary, and sometimes more than the legally allowed variation from the advertised HP rating. Each and every LT5 was dyno tested at Mercury Marine. Those dyno tests (if they haven't been destroyed by now) were not released to the public. The difference in HP is somewhat curious since the basic engineering of the engines were the same. However, remember that these engines were hand built. Sometimes hand built engines are more susceptible to different HP output. Internal friction causes a loss of HP, and the easier everything spins, the more HP you will see on the dyno and feel on the street. There are a number of factors which could cause the HP difference, but my gut feeling is that it is just attributable to the assembly process and perhaps the delivery and installation of some better machined parts. All-in-all, if you've never driven a ZR1, it would be hard for you to tell the difference. If you've driven quite a few (as I have been lucky enough to do), you will be able to tell the difference. Good luck.