Ok.
I retract the "crack smoking" remark.
It really was made more in gest than anything else. I should have added a smile but then, maybe folks here can be a little less thin-skinned, too.
Anyone who says that a "lightly mod'ed" ZR1 will go 200 either misunderstands anecdotal information they've been given, has in accurate information, is just ignorant of fact when making that stuff up or is intentionally distorting facts.
There's an anecdotal post elsewhere of Curtis Ward's car going 200 mph and needing about 400hp at the wheels to do it. My guess is Curtis' car makes more than 400 at the wheels but, for the sake of discussion...400 at the wheels is between 470 and 500 hp, depending on what conversion you do and to get an LT5 to that performance level requires more than "light modification." If you're doing it with an engine having less power than that, then the car's aero could be modified or atmospheric conditions or terrain features need to be more favorable than normal.
"Mild mods" are bolting on an aftermarket exhaust, putting in a K&N filter, changing plugs or plug wires bolting on tires and wheels...that kind of thing.
Stuff like pulling the top end for porting, resetting cams, converting to coil-overs, installing nitrous oxide are not mild mods.
People are talking about weight. Forget weight---at least forget it as a key factor in the speed. The key to top speed is horsepower, gearing and aero.
When were talking about C4s going over 165, aero is pretty important, both to attaining the speed (for example, extending the front air dam, raking the car slightly and pulling-off the side mirrors is probably the same as 30hp) and having the car handle safely once you get there.
My guess is a legitimate 200 mph (near sea level, flat ground and no wind) ZR1 would need at least a six mile straight, at least 500hp and an engine capible of making max power at 7200, the right axle ratio, the car raked slightly, side mirrors off, rear bar disconnected, tires safe at 200mph and the driveline and tires balanced perfectly.