Well, the newer cars only have 5 more horsepower, but that doesn't tell the whole story. The torque comes on sooner in the newer cars. For example, The 2002+ cars have 375 Lbs at ~4400 RPMs (manual trans, per GM, auto is 360 Lbs at 4,000). This translates to 314.28 HP at 4,400 RPM (TQ * RPM / 5250 = HP).
The 1999 produces 350 at ~4400 which is 293.33 HP
So, even though the 2002+ has only 5 more peak HP, at 4400 the difference is 20.95 HP.
Now, the hartop weighs 3174 Lbs to the coupe's 3246, HP ratio is
9.20 lbs for every horsepower at peak - FRC has slight advantage
9.274 lbs for every horsepower for the coupe at peak
However,
10.82 lbs for every horsepower - FRC at 4400 RPM
10.32 lbs for every horsepower - coupe at 4400 RPM, coupe has advantage
So, theoretically, all being equal, the 2002+ will take you offline until engine peak at ~5400 RPMs (where both cars will equal out), until 170+ MPH where the .29 coefficient of drag on the coupe will start to put the hammer on the .31 coefficient of drag on the FRC, and top out a tad bit faster.
bottom line is this, given a good driver, either car could beat the other in a drag race.
I hope this helps,
John
1999 C5 FRC