Hijinx-
Well, I good number of years ago I had a 94 Formula Firebird. I was running 255/50ZR16s on it too. I could drive it in the snow, sleet, and even patchy black ice. It would hook up so quickly on any condition. It was great. Based upon that experience, I would buy another set of 16s with that combo for any muscle car that didn't originally come with them.
I attribute the great performance of my Firebird to the tire size, because lets be honest- its the tires that get the power to the pavement! Anyways, its just my opinion.... but the 16s shod with that size give enough of a contact patch to really bite into the ground and the height keeps the overall performance aspect identical to that of larger diameter wheels.
If you look at the Mickey Thompson tires of guys that race, you'll see that they 'wrinkle' as they make the intial rotation to keep the car planted - and thus accelerate faster without a lot of useless wheel spin. Although its much different with regular street radials, you get to keep the large contact patch generated by the como of 255/50ZR16s. The principle is the same- having the best contact patch upon launch. The key to 'hooking up' with tires is all in the contact patch. True, a good suspension can make up for alot... but running 7 inch wide rears with 225s will never give you the patch advantage offered by a wider tire.
I have seen these ratios-
255/60 - 15s
255/50 - 16s
255/40 - 17s
255/30 - 18s
I personnaly feel that too little tire is just asking for trouble with bent rims, alignments, trailing arms, wheel bearings and other suspension components. I offer a word of caution to Vette owners about the nature of the IRS (indi. rear suspension). In stock configuration, your drive shafts are a load bearing member of the suspension. Larger tires will give a little more on the sidewalls and absorb some of the force genarated by rediculously fast cornering. Wheel bearings, U-joints, and even the rear diff. yokes are all strained a little more when the tires don't give as much as the originals the Vette was designed for. So, if you already need a rebuild in the rear end... you may need one even sooner if you stress the rear too much
I have some pretty good pics on my web page of what a 255ZR5016 looks like with a wild wheel combo.
http:///www.geocities.com/chiphihawk/index
Hope I have given you some food for thought!