yep, power-braking is really bad for a car, rough on the tranny (TH400's are pretty tough though, is that what the pre-OD vette trannies were), bad on the brakes (especially since the vette has 4 whl disc), and I would think pretty rough on those IRS axles. Wouldn't think the joints would like it much. Just use the brakes to get the tire spinning, once you get the tires spinning let off of the brakes and they should keep spinning as well as a manual trans car.
You could always add "roll control." That should be much less stress on the car than regular power braking. With regular power braking and rear disc brakes you've got not only traction working against you but the brakes too which puts more stress on the entire drivetrain. With roll control you just lock the front brakes which eliminates that extra stress.
Also, boiling the hides is bad for the car whether it's a stick or a manual.
Just my $.02
Steve